MicroStrategy Adds 11,931 Bitcoins Amid $800M Convertible Notes Sale
The post MicroStrategy Adds 11,931 Bitcoins Amid $800M Convertible Notes Sale appeared on BitcoinEthereumNews.com.
Approximately $8.33 billion worth of 226,331 Bitcoins are currently held by MicroStrategy. The price of bitcoin has declined below the $65,000 mark and is currently trading at $64,902. An additional 11,931 Bitcoins, valued at an average of over $65,883 per, were bought by Michael Saylor led MicroStrategy. In an effort to boost its Bitcoin holdings, MicroStrategy announced a week before that it would be selling $800 million in convertible notes. Interest on the notes will be paid semi-annually starting on December 15, 2024, and the maturity date is 2032. The interest rate is 2.25%. These notes represent MicroStrategy’s senior obligations and are essentially unsecured. The corporation has the option to convert these notes into cash, shares of MicroStrategy class A common stock, or a mix of the two. According to the news release from MicroStrategy, these conversions may only take place at certain times. And under certain circumstances before December 15, 2031. Bitcoin Price Tumbles Approximately $8.33 billion worth of 226,331 Bitcoins, bought at an average price of $36,798 per BTC, are currently held by MicroStrategy, according to Michael Saylor’s most recent revelation. The stock of MSTR has increased by more than 114% from the start of 2024. Since the start of 2023, MicroStrategy stock has actually done better than Bitcoin. Comparatively, Bitcoin’s one-year gains are 145% and MSTR’s are 338%. Nonetheless, there were prior predictions from market experts that the BTC price may rebound to $72,000 if MicroStrategy invested its convertible notes to Bitcoins. As a result of heavy selling in the market, the $66,000 barrier lately provided Bitcoin with some resistance. However, as of this writing, the price of bitcoin has declined below the $65,000 mark and is currently trading at $64,902 as per data from CMC. Highlighted Crypto News Today: Indian Rupee Hits Record Low as Tether…
Filed under: News - @ June 20, 2024 11:22 pm