MicroStrategy Seeks $500 Million to Snatch Up Even More Bitcoin

Software firm and newly branded "Bitcoin development company" MicroStrategy has announced another proposed private sale to buy up even more Bitcoin.

In a Wednesday announcement, the company said it plans to offer $500 million worth of convertible senior notes to institutional buyers, due in 2031, in order for the firm to buy additional cryptocurrency.

The company last week said it would offer a private sale of $600 million worth of convertible senior notes in order to purchase more Bitcoin.

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MicroStrategy is the single largest corporate holder of Bitcoin, with 205,000 of the digital coins in its treasury—more than $15 billion at today's prices.

It first bought Bitcoin back in 2020. The company's former CEO and now-chairman Michael Saylor claims the crypto strategy is the best way to preserve wealth and get returns for shareholders.

Bitcoin is today priced at $73,220 per coin, up nearly 9% in seven days, CoinGecko data shows. It hit a new all-time high above $73,600 earlier today.

Edited by Andrew Hayward