In a move that continues to fortify Michael Saylor’s commitment to the leading crypto, MicroStrategy has raised $1 billion to buy more Bitcoin. Indeed, the software technology firm released a press release Friday announcing the completion of 0.625% convertible senior notes due in 2028.
The move comes after the firm purchased an additional 18,300 BTC a week from today. The purchase brings the total value of the company’s Bitcoin holdings beyond the $9.45 billion mark. Moreover, its recent move to sure up even more capital to acquire the asset will bring that total even higher.
Also Read: Bitcoin: Michael Saylor Says BTC Will Eventually Reach $13M
Saylor’s MicroStrategy Secures $1B to Add to 244,800 BTC Stash
2024 has proven to be massive for Bitcoin. Despite the asset’s notable decline just a year ago, it has returned to form and taken on the finance sector with a vengeance. It became the first crypto-based ETF in the US back in January, before surging to a $73,000 all-time high just three months later.
That success has proven the cryptos’ worth in modern economics. Moreover, it has proven right all those who have stood by the asset and been unwavering in their advocacy. Perhaps none has been more fervent in their defense of the token as Michael Saylor; whose MicroStrategy has raised another $1 billion to buy more Bitcoin.
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In a recent announcement, the firm is said to have netted more than $9997 million from the sale of convertible notes. Additionally, they state their intention to “use any balance of the net proceeds to acquire additional bitcoin,” and other general corporate purposes.
The move is yet another step in the firms’ ongoing BTC acquisition strategy. So far, it has paid off massively. It appears to be a smart play for the Saylor-led business considering his opinion on the asset’s potential. Earlier this year, the MicroStrategy CEO predicted Bitcoin would eventually reach a value of $13 million. That surge would be monumental for the value of the analytic firm.