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Bitcoin price was hovering at $66,230 at the time of writing, and just as it was about to lose the $66,000 mark, Saylor’s announcement came. MicroStrategy’s founder Saylor, one of the biggest Bitcoin investors, continues his love for Bitcoin, and we see it growing as he continues to make money.
Michael Saylor and Bitcoin
During the toughest days of bear markets, Saylor’s company accumulated hundreds of millions of dollars worth of BTC. This caused MSTR shares to trade almost as a proxy BTC ETF. Saylor still directs those who want to invest in the king of cryptocurrencies to MSTR shares, saying it will bring them leveraged gains. Indeed, the increase in share price gives him this courage.
In today’s announcement, he announced the completion of the offering of 2.25% convertible senior notes due 2032 (“notes”). So, what will this money be used for? Of course, it will be used to buy more Bitcoin. The company’s recently published announcement includes the following details:
“MicroStrategy (Nasdaq: MSTR) sees itself as the world’s first Bitcoin development company. We are a publicly traded company dedicated to the continuous development of the Bitcoin network through our financial market activities, legal and technological innovation. We will use the proceeds to accumulate more Bitcoins, which serve as our primary treasury reserve asset. We believe that the combination of our business structure, bitcoin strategy, and focus on technological innovation offers a unique opportunity to create value.”
