Michael Saylor, who joined the cryptocurrency world during the previous bull market, has been a Bitcoin enthusiast since 2020. Previously a critic of crypto, he became one of the biggest Bitcoin maximalists over the years. He even tied his company’s fate to Bitcoin and amassed a massive BTC reserve.
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MicroStrategy recently announced a $700 million debt issuance. The company issues bonds with various maturities and interest rates to buy Bitcoin with the proceeds. Saylor’s company generates cash this way to buy more Bitcoin and profits from this move. MSTR shares traded like a proxy Bitcoin ETF before the ETF approval in January 2024.
Since there is no spot BTC ETF for US citizens, they bought MSTR shares holding a massive BTC reserve. BlackRock and others held billions of dollars in MicroStrategy shares for their clients. The company’s announcement regarding the bond issuance includes the following details:
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