Cryptocurrency markets are maturing as the narrative of supply scarcity strengthens, and the role of ETFs is undeniably significant. BlackRock’s ETF alone generates demand nearly 20 times the daily BTC mining output. When we add the demand from companies like MicroStrategy, today’s price of $73,000 seems to normalize.
Bitcoin Breaking News
According to a recent announcement, MicroStrategy will issue $500 million in convertible bonds to purchase Bitcoin. A significant portion of this cash, some of which will go towards operating expenses, will be allocated for buying Bitcoin. Yesterday, Coinbase exchange also announced a $1 billion bond offering. These convertible bonds, maturing in 2031, appear different from previous announcements.
The bonds will be MicroStrategy’s unsecured, senior obligations, and interest will be paid semi-annually on March 15 and September 15, starting from September 15, 2024. The company’s announcement states:
“MicroStrategy plans to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes.”
