- MicroStrategy announced the sale of $500 million convertible senior notes to buy more Bitcoin (BTC).
- BTC just achieved another record-top today at $73,641.04.
- The recent purchase of MicroStrategy may further fuel the rise of the digital asset’s value on the way to the halving.
The Official Announcement of MicroStrategy
The company co-founded by Michael Saylor does not seem to care whether Bitcoin is at its critical peak or dipping. It has set its sights on buying more BTC at every chance it could get.
Recently, the company announced its proposed private offering of $500 million convertible senior notes to acquire more of the digital asset and to be used for “general corporate purposes.” The financial instruments will be sold to institutional buyers allowed by Rule 144A of the US Securities Act.
The convertible senior notes will be unsecured with semi-annual interest. Their conversion price will be determined based on the US composite volume weighted average price of the company’s class A common stock between 9:30 AM to 4:00 PM EDT on March 15.
The sale comes right after MicroStrategy acquired an $800 million convertible debt, which was originally planned at $600 million, to purchase 12,000 BTC worth around $68,477. This makes the company one of the biggest whales in the Bitcoin ecosystem with an overall supply of 205,000 BTC as of March 10.
Bitcoin Prices Soar to a New All-Time High Today
Following the latest Bitcoin top-up of MicroStrategy, the digital asset has since built up momentum to conquer new all-time highs. Around two hours ago, BTC once again reached a new historic peak of $73,641.04. As of this writing at 6:30 AM UTC, Bitcoin is trading within a solid spot at $73,500—teasing another possible record.
There are currently 19.65 BTC in circulation with a rounded-off market cap of $1.45 trillion. This puts it $30 billion above the overall market cap of silver, making it the eighth-largest asset in the world by market cap and the second-largest decentralized asset globally next to gold.
Doing the math, the present summit of BTC prices should have already pushed the original Bitcoin investment of MicroStrategy from $6.91 billion to $15.1 billion. But then again, this doesn’t seem to matter for the people there as the planned sale of convertible notes is another indication that they are not looking to sell the company’s crypto haul anytime soon.
Where is Bitcoin Going From Here?
The crypto community is on the lookout for another surge in Bitcoin price upon the completion of MicroStrategy’s upcoming BTC acquisition. This likewise serves as an assurance of the strong institutional demand for the digital commodity amid worries of a potentially massive correction before or immediately after the halving.