- MicroStrategy to buy $400 million more Bitcoin
- How Saylor is making the firm go 100 percent crypto
Top American Business intelligence firm MicroStrategy has announced plans to sell $400 million of senior secured notes to buy more Bitcoins.
The software firm said it is borrowing $400 million to buy more Bitcoin while also writing down the value of its existing holdings. According to Bloomberg In a filing on Monday, MicroStrategy said that the senior secured notes would be available to qualified institutional buyers.
Previously, the software firm already invested as much as $2 billion in Bitcoin. However, they revealed today that they have no plans to stop yet with its $400 million investment.
The software firm has invested heavily in Bitcoin this more than four times after its initial purchase worth hundreds of millions of dollars in August 2020. Since then, the NASDAQ-listed software giant has only doubled down on its BTC involvement.
MicroStrategy and Bitcoin
With Michael Saylor at its helm, MicroStrategy has emerged as one of the most bullish public companies on cryptocurrencies.
The firm has issued convertible bonds worth around $1 billion in its quest to scoop up more of the coins. Saylor’s focus on Bitcoin, including making it an official corporate strategy, has drawn the ire of critics. However, he seems unperturbed as he announced the firm’s plan to buy $400 million more on Monday.
Saylor makes firm full-blown crypto
The firm CEO has given the firm an entire 100 percent crypto identity. Recently, the firm announced it would be paying its board of directors with Bitcoin.
The CEO, while announcing this, reiterated the firm’s commitment to cryptocurrency, highlighting its ability to serve as a store of value alongside its open-end architecture and its sovereignty from monetary policy.
The move to pay directors in Bitcoin by MicroStrategy is another endorsement of their bullish hopes on Bitcoin. MicroStrategy CEO also chaired a meeting with Bitcoin miners where they addressed concerns over environmental crisis that emanates from Bitcoin mining.
The meeting where Elon Musk was presented ended in a truce where miners vowed to accelerate sustainability initiatives and see how they can use green energy for BTC mining.