MicroStrategy issued bonds to raise funds to buy approximately $786 million worth of Bitcoin
MicroStrategy used the proceeds from the sale of convertible notes to purchase approximately $786 million worth of Bitcoin. According to a filing submitted to the U.S. Securities and Exchange Commission on Thursday, the company acquired 11,931 bitcoins between April 27 and June 19. This purchase increased its total holdings of Bitcoin to 226,331 coins, valued at around $14.9 billion. MicroStrategy's Chairman and co-founder, Michael Saylor, started buying Bitcoin in 2020 as a hedge against inflation and an alternative to holding cash. Since Saylor began buying Bitcoin, the cryptocurrency has surged by about 600%. The move to purchase Bitcoin has driven MicroStrategy's stock price, which has soared by over 1000% since Saylor made this decision
According to the financial news app Smart Finance, MicroStrategy (MSTR.US) used the proceeds from the sale of convertible notes to purchase approximately $786 million worth of Bitcoin.
According to documents submitted to the U.S. Securities and Exchange Commission on Thursday, the company bought 11,931 Bitcoins between April 27 and June 19. This purchase increased its total Bitcoin holdings to 226,331, valued at around $14.9 billion.
MicroStrategy's Chairman and Co-Founder, Michael Saylor, started buying Bitcoin in 2020 as a hedge against inflation and an alternative to holding cash. Since Saylor began buying Bitcoin, the cryptocurrency has risen by about 600%.
The move to purchase Bitcoin has driven MicroStrategy's stock price, which has surged by over 1000% since Saylor made this decision