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MicroStrategy Raises $1.05B in Latest Debt-for-Bitcoin Offering
MicroStrategy's business strategy is to buy as much bitcoin as it possibly can.
By Danny Nelson
Updated Sep 14, 2021, 12:14 p.m. Published Feb 19, 2021, 4:04 p.m.
MicroStrategy CEO Michael Saylor said Friday the firm had completed a $1.05 billion debt offering, a raise that will allow the business intelligence company to buy another $1 billion in bitcoin.
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The raise is part of MicroStrategy's dual business strategy of developing business intelligence software and also literally just buying as much bitcoin as it possibly can. MicroStrategy already has 71,039 of the coins.
"MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $1.03 billion, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy," the company said.
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What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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