MicroStrategy and its CEO, Michael Saylor, continue to make waves in the cryptocurrency world with their latest move to increase their Bitcoin holdings by an additional $200 million. As the largest institutional holder of Bitcoin, MicroStrategy has expanded its initial $500 million plan to a total of $700 million.
The company, based in Tyson’s Corner, Virginia, is offering convertible bonds that mature in June 2032, with a 2.25% annual yield, to institutional investors. They have also provided an option for initial buyers to purchase an additional $100 million of bonds within 13 days of the issuance.
The proceeds from this offering will be used to purchase more Bitcoin and for general corporate purposes. MicroStrategy currently holds 79,296 BTCs valued at $5.27 billion.
Despite a slight dip in MicroStrategy’s stock price the previous day, shares traded above $1,500, up nearly 2% in the early session today. Analysts at brokerage Bernstein have set a price target of $2,890 for the company.
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