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Software firm and the largest corporate Bitcoin holder, MicroStrategy, has announced its plans to raise an additional $1.75 billion to buy BTC less than 24 hours after the company disclosed its latest $4.6 billion purchase.
The $1.75 billion will be raised through senior convertible notes with a 0% interest rate. This funding will be used “to acquire additional bitcoin and for general corporate purposes,” MicroStrategy said in a Nov. 18 statement.
MicroStrategy Holds Over 10 Time More BTC Than Marathon Digital
At current prices, MicroStrategy could purchase another 19,065 BTC if the company were to allocate the entire $1.75 billion toward buying Bitcoin. This would add to MicroStrategy’s substantial holdings in the leading crypto.
Data from Bitcoin Treasuries shows MicroStrategy holds 331,200 BTC, valued at over $30.3 million. This is over 10 times more than the second largest institutional Bitcoin holder, BTC mining giant Marathon Digital Holdings.
MicroStrategy Announces Its Largest Purchase Yet: $4.6 Billion for 51,780 $BTC!
“This mega-deal brings significant updates to the stats:
– BTC Holdings: from 279,420 #BTC to 331,200 BTC
– MSTR Realized Price: from $42,692 to $49,874
– MSTR MVRV: from 2.12 to 1.80
– Percentage… pic.twitter.com/gNT4IY1fX9— CryptoQuant.com (@cryptoquant_com) November 18, 2024
The convertible notes offered by MicroStrategy in the $1.75 billion funding round will not include regular interest payments for bond holders. They will also be sold at a discount and will instead mature to face value if they are not converted before the maturity date in 2029. These notes will also give holders high priority in the event of a MicroStrategy bankruptcy or liquidation.
MicroStrategy Adds To Bitcoin Holdings Even As BTC’s Price Hovers At All-Time High
MicroStrategy’s latest $4.6 billion purchase was made even after BTC recently established a new all-time high at $93,434.36. Since reaching this new peak, BTC has corrected over 1% to trade at $91,710.70 as of 2:17 a.m. EST. In a Nov. 18 announcement, the company disclosed that it bought 51,780 BTC at an average price of $88,627 per coin in its latest purchase.
Proceeds from a share sale under an agreement with companies including TD Securities, Barclays Capital, The Benchmark Company, Canaccord Genuity, Cantor Fitzgerald, Maxim Group, Mizuho Securities and SG Americas Securities were used for the latest MicroStrategy Bitcoin buy.
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