MicroStrategy Raises $500M to Buy More Bitcoin: Follows Legacy of Investing in Crypto

IconCryptoNewsTerminal Staff13 Jun, 2024

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MicroStrategy Raises $500M to Buy More Bitcoin: Follows Legacy of Investing in Crypto

MicroStrategy (Nasdaq: MSTR), the largest corporate holder of Bitcoin, has announced a $500 million convertible note offering. The company plans to use the proceeds from the offering to buy more Bitcoin, according to a report by Bloomberg. This move follows MicroStrategy's legacy of investing in Bitcoin. In 2020, the company purchased 21,454 Bitcoin for $250 million. In February 2021, it purchased an additional 19,452 Bitcoin for $1.026 billion. And in March 2021, it purchased another 15,000 Bitcoin for $918 million. MicroStrategy's CEO, Michael Saylor, is a vocal proponent of Bitcoin. He has said that he believes Bitcoin is a "store of value" that can help investors protect their wealth from inflation and other economic risks.

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