Business intelligence firm MicroStrategy has announced plans to buy more Bitcoins. The company has been on a Bitcoin purchase spree owning over $2 billion in the digital asset. The anticipated purchase will be made with over $400 million through the sale of senior secured notes.
The company announced the statement on its site. To facilitate the purchase, the company proposes a sale of “$400 million aggregate principal amount of senior secured notes due 2028”. The private offering will be presented to qualified institutional buyers.
MicroStrategy Services Corporation will adequately guarantee the secured notes. The CEO of the company Micheal Saylor released the update via a linked tweet. The announcement generated viral reactions from cryptocurrency enthusiasts on Twitter who see it as a good sign for Bitcoin.
MicroStrategy’s Journey into Bitcoin
It is no news that MicroStrategy is one of the leading institutional holders of the largest cryptocurrency. Its initial purchase was made in August 2020, amounting to millions of dollars. It raised over $1 billion early this year and purchased more Bitcoins with it.
The software firm purchases BTC worth over $15 million at least once every month. Even the market capitulation of May didn’t deter the company from the crypto asset. MicroStrategy’s board of directors is paid in Bitcoin as well. Currently, the firm holds about 92,079 BTCs and doesn’t look ready to let go.
CEO Michael Saylor has described Bitcoin as “the most powerful and disruptive technology of our lifetime”. In response to the issues that revolve around the energy consumption of Bitcoin mining, Saylor has announced the setup of a mining committee. The committee will be focused on employing renewable sources for Bitcoin mining.