Business intelligence firm MicroStrategy is gearing up to make an additional purchase of $1.03 billion worth of Bitcoin.
In a new post on the company’s website, the publicly-traded firm announces that is wrapping up its offering of convertible notes in an effort to acquire more funds to buy Bitcoin.
The offering, which closed on February 19th, allows qualified institutional investors to purchase unsecured notes from MicroStrategy which have a maturity date of February 15th, 2027.
MicroStrategy reports earning approximately $1.03 billion from the sale of its notes and plans to use the entirety of those funds to purchase more Bitcoin.
“MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $1.03 billion, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy.
MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin.”
The move appears to fall in line with Saylor’s strategy to maximize the firm’s Bitcoin holdings in order to position itself favorably within the digitizing monetary landscape.
“We have two strategies. One strategy is to grow our software business and that is a good business. It makes a lot of money and it is growing.
Our second strategy is to acquire Bitcoin and Bitcoin is the emerging dominant digital monetary network. It’s going to be a hundred times bigger than Google or Facebook. And when companies like Amazon plugged into the internet, people didn’t say ‘Are you an internet company or a retail company?’ I think they’re a technology company who embraced the future. Everybody is eventually going to plug into a digital monetary network just like everybody eventually plugged into the internet.”
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