Microstrategy has been stocking up on Bitcoin, and it doesn’t seem to be slowing down in its Bitcoin acquisition strategy.
The company that already has more than 3 billion dollars in Bitcoin has announced that it is floating a $500 million bond to buy more Bitcoin.
Through a press release posted on its website, the company has announced that the bonds will have an annual interest of 6.125 percent. The company also announced that the bond would be a private offering to institutional players. The offer will close on June 14th.
Microstrategy has stated that it expected to raise about $488 million, and all of it will go towards Bitcoin purchases. According to the company’s CEO Michael Saylor, the company already has 92,079 Bitcoins. He also added that other institutions that are linked to him have over 111k Bitcoins.
The company acquired most of its BTC in 2021, and some of them just before the correction saw Bitcoin lose over 40% of its value. The continued purchases despite the selloff show how strongly Michael Saylor and the Microstrategy team believe in Bitcoin. He even tweeted that he would not be selling any of his coins despite the market correction.
The company’s Bitcoin purchases have seen it win multiple accolades on innovation and business intelligence. Two days ago, the company announced via Twitter that it had been named an exemplary vendor, among other honors.
Microstrategy is surging on news of the bond issue. The stock is currently trading at $488.73 and is up by 6.39 percent.