MicroStrategy raises $500 million to buy more Bitcoin

MicroStrategy raises $500 million to buy more Bitcoin

MicroStrategy has raised $500 million in bonds and plans to use the funds to buy more Bitcoin.

As reported by BTC PEERS, the business intelligence firm announced a $400 million debt-for-Bitcoin offering last week. However, this was increased to $500 million. In an official statement on Monday, the company disclosed that it had completed the sales of the secured notes due 2028.

MicroStrategy’s net proceeds from the sales are approximately $488 million, all of which will be used to acquire more Bitcoin.

According to an earlier Bloomberg report, institutional investors showed massive interest in the offer. MicroStrategy reportedly received more than $1.5 billion in orders for the offering, while the price of the flagship currency was still trading around $33,400. This suggests that investors are still bullish on the future of Bitcoin despite the market correction last month.

MicroStrategy is yet to disclose when it will make the Bitcoin purchase. As of Monday morning, the firm still held 92,079 Bitcoin tokens valued at around $3.8 billion. Furthermore, the company’s shares surged by nearly 15% following the announcement. On a year-to-date basis, MicroStrategy’s shares have climbed by nearly 40%.

Meanwhile, following MicroStrategy’s Monday announcement and calls by the Tanzanian president asking the central bank to prepare for cryptos, Bitcoin prices spiked by more than 13% on Monday. As of press time, the digital asset had reclaimed the $40k benchmark.

Check our guide of the most promising crypto

Read more

Bitcoin Entrepreneurship through Regulatory Sandboxes and Government Initiatives

Bitcoin Entrepreneurship through Regulatory Sandboxes and Government Initiatives

As the potential of Bitcoin and blockchain technology becomes increasingly apparent, governments worldwide are recognizing the importance of fostering vibrant startup ecosystems to drive innovation and economic growth. By implementing initiatives such as incubators, accelerators, and regulatory sandboxes, governments can create supportive environments that encourage the development and growth of

By John Williams
Pandora Chain: A Strong, High-Performance Public Blockchain Needed for Large-Scale Web3 dApps

Pandora Chain: A Strong, High-Performance Public Blockchain Needed for Large-Scale Web3 dApps

The advent of blockchain theory aims to mitigate the constraints of centralization in Web2 applications, allowing developers worldwide to create scalable applications while returning data and privacy rights to users. Achieving this vision necessitates robust infrastructure support, with the cornerstone being the construction of a high-performance public blockchain. Web2 Lacks

By John Williams