MicroStrategy and its CEO Michael Saylor continue to make waves in the cryptocurrency world with their latest move, securing an additional $200 million for Bitcoin investments. As the largest institutional holder of Bitcoin, the Nasdaq-listed company has now expanded its initial $500 million plan to a total of $700 million through a convertible bond offering.
These bonds, set to mature in June 2032, are being offered to institutional investors with a 2.25% annual yield. MicroStrategy, based in Tysons Corner, Virginia, has also provided the option for initial buyers to purchase an additional $100 million of bonds within a specified timeframe.
The company plans to use the proceeds from this offering to acquire more Bitcoin and for general corporate purposes. With their current holdings valued at $5.27 billion, consisting of 79,296 BTCs, MicroStrategy continues to demonstrate its commitment to investing in cryptocurrency.
Despite a recent decline in share price, MicroStrategy remains a strong contender in the market, with brokerage Bernstein setting a price target of $2,890. Investors looking to diversify their cryptocurrency portfolio can take advantage of a 20% commission discount by registering with Binance exchange. Stay updated with the latest news, analytics, and on-chain data by following our Telegram and Twitter accounts.
