MicroStrategy Plans to Secure $525M Funding for Expanded Bitcoin Acquisition

Microstrategy Inc. (NASDAQ: MSTR) has ramped up its Bitcoin (BTC) buying spree to align with leading BTC ETF issuers like BlackRock’s iShares Bitcoin ETF (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC). On Monday, March 11, MicroStrategy announced its successful acquisition of 12,000 Bitcoins, valued at approximately $821.7 million.

This has pushed MicroStrategy’s total Bitcoin holdings to about 205,000 Bitcoins, worth over $6.9 billion.
MicroStrategy’s Bitcoin Accumulation Continues
Less than a week later, MicroStrategy’s founder and chairman, Michael Saylor, revealed that the company is offering convertible senior notes to facilitate the purchase of more Bitcoins. These notes will raise between $515 million and $592.3 million, with an annual interest rate of 0.875 percent, and will mature by 2031.
Additionally, MicroStrategy will grant initial note investors the option to acquire up to $78.75 million worth of additional notes within the first thirteen days.
“MicroStrategy intends to utilize the net proceeds from the notes’ sale to acquire more bitcoin and for general corporate purposes,” the company stated.
Market Outlook
MicroStrategy’s significant Bitcoin acquisition has strengthened the long-term prospects of the flagship cryptocurrency. However, in the short term, it may not be enough to prevent profit-taking by short-term traders, who may redirect their gains towards the altcoin market.
From a technical perspective, if the support level of around $67,000 fails to hold over the weekend, Bitcoin’s price is likely to find temporary support around $60,000.
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Bitcoin