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MicroStrategy’s BTC Arsenal to Grow with $500M Raise, Already Holds 205K

Published 03/14/2024, 08:37 PM
Updated 03/14/2024, 08:45 PM
© Reuters. MicroStrategy’s BTC Arsenal to Grow with $500M Raise, Already Holds 205K
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  • MicroStrategy buys 12,000 bitcoins, boosting its total holdings to 205,000, valued at over $15B.

  • Following the Bitcoin purchase, MicroStrategy stock surged 68% since March 6.

  • The firm announced plans for a $500M offering of convertible notes to fund more Bitcoin buys.

MicroStrategy Incorporated has significantly expanded its Bitcoin portfolio by acquiring an additional 12,000 Bitcoins. The purchase, valued at around $822 million, was financed through the use of convertible notes along with surplus cash.

This purchase has significantly increased the business’s holdings of Bitcoin to 205,000, now worth more than $15 billion in equity. This jump in price coincides with the rise of Bitcoin, which established a new record high on Wednesday, with the price exceeding the $73,000 mark.

In response to this news, MicroStrategy, known for its software development but popular as a major Bitcoin investor, witnessed a notable uptick in its stock value. The company’s shares saw an 11% climb on Wednesday, contributing to a week fill…

The post MicroStrategy’s BTC Arsenal to Grow with $500M Raise, Already Holds 205K appeared first on Coin Edition.

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