Enterprise software company MicroStrategy says it plans to add more Bitcoin (BTC) to its portfolio as the flagship digital asset falls below its new all-time high.
In a new press release, MicroStrategy say it is offering $525 million worth of convertible senior notes with the intention of using the proceeds for general corporate purposes and buying more of the top crypto assets by market cap as it falls near the $70,000 price level.
“The notes will be convertible into cash, shares of MicroStrategy’s Class A common stock, or a combination of cash and shares of MicroStrategy’s Class A common stock, at the option of MicroStrategy…
MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $515.0 million (or approximately $592.3 million if the initial purchasers fully exercise their option to purchase additional notes)…
MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”
Bitcoin is trading at $69,921 at the time of writing, up marginally over the past 24 hours but down 5% from the new all-time high of $73,580 on March 14. The 2024 low was reached on January 23, when the crypto king was heading towards $39,500.
Earlier this week, Michael Saylor, MicroStrategy co-founder and longtime BTC proponent, said the company used proceeds from other convertible bonds and excess cash to purchase 12,000 BTC for $821.7 million, which equates to a cost of $68,477 per token.
At the time, the purchase brought MicroStrategy’s BTC total to 205,000, at an average cost of $33,706.
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