MicroStrategy and its executive chairman, Michael Saylor, are displaying unwavering determination in their pursuit of Bitcoin. In their latest move, the business intelligence company has announced a proposed offering of $500 million in convertible notes, with the intention of using the funds to acquire more Bitcoin. This comes after MicroStrategy successfully completed an $800 million senior convertible note offering earlier this week, bringing their total offerings in the past two weeks to $1.3 billion.
MicroStrategy, which currently holds the largest corporate Bitcoin treasury reserve, used the proceeds from their previous offering to add an additional 12,000 BTC to their reserves. With a current stash of 205,000 BTC, valued at $15 billion, the company has seen an impressive return of $8.1 billion, or 117%, on their Bitcoin investment.
By acquiring more Bitcoin with their new offering, MicroStrategy is inching closer to holding at least 1% of Bitcoin’s maximum supply. Based on current prices, the $500 million could buy approximately 6,850 Bitcoin. The convertible notes, which can be converted into cash, shares of MicroStrategy’s common stock, or a combination of both, will accrue interest semi-annually and will mature on March 15, 2031.
MicroStrategy’s stock price, denoted as MSTR, has been on a steady rise, surging 10.85% to $1,766 on March 13. This upward trajectory has been fueled by Bitcoin’s recent rally, which has seen the cryptocurrency surge 46.1% in the past month, reaching $73,050 at the time of publication. As a result, MSTR has become one of the top performers on the Nasdaq this year, with a 254% increase since February 6.
Despite these positive developments, some experts, like the Wolf Of All Streets, express concerns about a future where Bitcoin reaches $1 million. However, for MicroStrategy and Michael Saylor, their focus remains on expanding their Bitcoin holdings and capitalizing on its potential.