Sunday, January 17, 2021
Home Crypto News Market MicroStrategy Is Planning To Buy Another 400 Million Worth Of Bitcoin

MicroStrategy Is Planning To Buy Another 400 Million Worth Of Bitcoin

- Advertisement -

The world’s biggest openly traded Business company has announced plans to invest 400 million dollars in BTC.

On December 7, the company announced its plans to invest $ 400 million in convertible bonds.

The announcement stated, Microstrategy intends to invest the net proceeds from selling the bonds in Bitcoin. At the current Bitcoin rate, the 400 million USD would correspond to 20,833 BTC. This would increase the company’s Bitcoin holdings to almost 62,000 BTC.

Microstrategy will pay semi-annual interest to the holders of the bonds until December 2025. The company also reserves the right to redeem the bonds for cash till December 20, 2023.

The announcement states that MicroStrategy may also offer its first-time buyers bonds worth up to $ 60 million within 13 days of the offering’s commencement.

The securities are issued under Rule 144 of the Securities Act and are available only to qualify institutional investors. 

The company goes All-in BTC

 

MicroStrategy caused a stir in the crypto world in August when the company revealed that it had acquired Bitcoin as its primary reserve asset after buying 21,454 BTC for $ 250 million. The following month it bought another 16,796 BTC for 175 million dollars. 

The purchases were made via Coinbase’S OTC platform. On December 5, MicroStrategy announced that the company had obtained another 2,574 BTC at a price of $ 19,428 each for $ 50 million, bringing the total stock of Bitcoins to about 40,824 BTC.

At current market value, MicroStrategy’s BTC Portfolio is worth almost $ 784 million. The company has now generated a profit of 65%.

- Advertisement -
Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master in Business Administration degree and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Reasons Behind Chainlink (LINK) Price Making New All Time High

Chainlink (LINK) price achieved new highs increasing over $20 touching 22 USD. The price of LINK has risen by close to 30% in the...

SIMBA Chain Got A $1.5 Million Contract From The U.S. Office Of Naval Research To Develop Blockchain-Based Solution For Critical Military Weaponry Parts

SIMBA Chain, a blockchain-based company, has been received a contract of $1.5 million to create a system for predicting demand for critical parts of...

Another Cryptocurrency Exchange Backed XRP: “We Will Continue Listing XRP”

The U.S. financial authority, the SEC, has sued Ripple over the XRP sales. After the securities lawsuit, many popular cryptocurrency exchanges removed XRP from...

A Chinese Hospital Started Issuing Electronic Invoices On Blockchain Technology

The state hospital of Chengmai County in Hainan Province, which positions itself as the center of technology development in China, has released the first...

Kraken Allow Buying Of Monero With A Debit Or Credit Card

The Monero team tweets that it is possible to buy Monero directly on the Kraken crypto exchange with debit or credit card. https://twitter.com/monero/status/1349452657166065664

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.