$600 million! Bitcoin hoarder MicroStrategy wants to continue buying massive amounts of Bitcoin
- Bitcoin seems unstoppable at the moment: a few hours ago, BTC rose to a new all-time high above $50K – and has been in price discovery ever since.
- It is unclear what triggered the massive rise. Speculation is whether MicroStrategy’s announcement that it will continue to buy massive amounts of Bitcoin has pushed BTC up.
- The company is planning a private offering of convertible senior notes with the intention of raising $600 million.
- All this money is to be put towards the purchase of additional bitcoin.
Before its recent parabolic rise, it had been a relatively rough few days for Bitcoin. The cryptocurrency was apparently Bitcoin Legacy struggling to break out of the $50,000 dollar resistance level below which it had been stuck.
As a result, the benchmark digital asset had seen some intense sell-offs – though each of them was wiped out in recent days.
Now, moreover, a massive influx of new capital could be imminent, thanks to MicroStrategy. The company announced plans to raise around $600 million – all of which will be used to boost BTC reserves.
Bitcoin breaks all records again
Currently, Bitcoin is trading at $51,500, a remarkable rise from its daily highs near $51,000.
Selling pressure above $50,000 has been significant and has led to the entire market facing immense selling pressure recently.
Company to buy bitcoin for $600 million
MicroStrategy pioneered the trend of listed companies adding BTC to their balance sheets – and they are eager to add more.
The company announced in a press release yesterday that it will raise another $600 million via a convertible senior note offering to buy additional bitcoin with the proceeds.
„MicroStrategy intends to use the net proceeds from the sale of the notes to purchase additional Bitcoins.“
This could give bitcoin a boost in the medium term and as a result even help it reach new highs (bitcoin to $65,000 by March).