- Microstrategy to offer $600 million of convertible senior notes intended to acquire more Bitcoin.
- Microstrategy Bitcoin portfolio surges to $13 billion in total value.
- Bitcoin almost took its ATH after soaring to over $68,000 on early Monday Eastern Time.
MicroStrategy plans to offer $600 million in convertible senior notes to acquire more Bitcoin. The company’s Bitcoin portfolio has surged, reaching a value of $13 billion in holdings. Bitcoin nearly reached its all-time high, soaring to over $68,000 in early Monday Eastern Time. The bullish sentiment of the year has heightened investor and trader interest in Bitcoin assets. As the largest Bitcoin holder in the cryptocurrency market, MicroStrategy announced its intention to issue $600 million in convertible senior notes. According to Michael Saylor’s tweet, the proceeds from this offering are earmarked for additional Bitcoin purchases. “$MSTR intends to use the net proceeds from the sale of the note to acquire additional Bitcoin for general corporate purposes.”
But what is a senior note? A senior note is a type of bond that takes precedence over other debts if the company goes bankrupt and is forced into liquidation. This note is set to mature in 2030, unless redeemed or converted before then. As Bitcoin’s price surged, MicroStrategy’s stock ($MSTR) also increased by 23% on Monday. The firm’s current Bitcoin holdings are valued at $13 billion.
Bitcoin Surpasses the $65,000 Resistance Zone
Excitement mounted on Monday as Bitcoin crossed the significant $65,000 resistance level. The asset managed to climb higher, recording a 2024 all-time high of $68,300, nearly surpassing its all-time high of $69,000. Factors like the Greed and Fear Index and spot Bitcoin ETF inflows, along with the upcoming halving event, played a significant role in this surge. If the bullish trend continues, the next target is foreseen at the $70,000 mark. Currently, Bitcoin has seen over a 5% increase in the past 24 hours, trading between the $67,500 resistance level and the $66,000 support level. Given the market speculation and volatility, it is anticipated that Bitcoin’s price might exceed its all-time high before the next halving event, which is 26 days away.
At the time of writing, Bitcoin was trading at $67,870, showing a 5.43% increase over the last 24 hours and a total market capitalization of $1.31 trillion.”