In a recent press release, Micheal Saylor’s MicroStrategy has announced that it will raise $500 million to purchase more Bitcoin (BTC). The firm intends to raise the money from institutional buyers. According to the official release, the firm intends to offer ‘$500 million aggregate principal amount of convertible senior notes due 2032 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers.‘
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MicroStrategy is one of the biggest BTC holders in the world. As of May 1, 2024, the firm has about 214,400 BTC, worth around $7.5 billion. The firm’s BTC was purchased at an average price of $35,158.
Will Bitcoin (BTC) Rally?
MicroStrategy is extremely bullish on BTC. The firm’s chief Micheal Saylor is a vocal proponent of the original cryptocurrency. The firm has never missed an opportunity to buy more BTC, and its investments have seldom gone to waste. Microstrategy had purchased 9245 BTC in March for $623 million. It is possible that Saylor anticipates BTC’s price to rise in the coming months.
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Additionally, inflation in the US came in lower than expected for the month of May. This may further aid BTC’s price.
CoinCodex data shows that Bitcoin (BTC) might rally over the next few weeks. The platform predicts the original cryptocurrency to hit a new all-time high of $76,176 on June 16, 2024.
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Moreover, CoinCodex does not expect BTC to stop there. The platform expects BTC to hit a high of $88,096 on June 7, 2024. If BTC reaches $88,096, it will entail a growth of nearly 30% from its current price levels.