MicroStrategy Raised Over $600 Million for Bitcoin Purchases

MicroStrategy stepped up its Bitcoin buying plan with a $600 million offering.

In a recent statement, the company revealed that it plans to offer $600 million in convertible cash, adding that it “intends to use the net proceeds from sale of banknotes to earn extra bitcoins.”

With this latest offering, MicroStrategy has now borrowed at least $1.25 billion in funds for the explicit purpose of buying Bitcoin.

In December 2022, MicroStrategy raised approximately $650 million through a similar offering, with the same intent of buying more Bitcoin.

In a brief chat with Binance CEO CZ (Changpeng Zhao) last year, Saylor explained his reasons for deciding to buy Bitcoin and why he feels so optimistic about his future. During the session, the CEO of MicroStrategy revealed that prior to March 2022, he considered Bitcoin a speculative asset.

“March is a memorial. April was a search for truth, to rethink everything I believed about macro investing. In May, it was clear to me that [Bitcoin] is the future,” Saylor said of his change of heart.

Bitcoin recently broke the $50,000 price mark on Binance at 12:30 UTC. A new all-time high was set three minutes later, at 12:33 UTC, as it traded as high as $50,689.18.

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