Cryptocurrency market continues to experience significant developments. At the time of writing, Bitcoin was trading at $63,538, and a major development related to Microstrategy, the largest institutional Bitcoin investor, made headlines. Microstrategy announced the completion of its $603.75 million convertible bond sale.
Microstrategy’s Bitcoin Move
Michael Saylor, leading the world’s largest corporate Bitcoin investor, Microstrategy, announced the completion of a convertible bond sale worth $603.75 million. This move comes alongside Saylor’s consistently optimistic statements and actions regarding Bitcoin.
The company is using the proceeds from the bond sales to purchase Bitcoin. With this bond move, Microstrategy acquired 9,245 Bitcoins valued at $623 million. As of the time of writing, Microstrategy holds 202,245 Bitcoins with an average purchase price of $31,544, amounting to a value of $12.2 billion. The company has managed to achieve a return of almost 110% with its Bitcoin strategy so far.
