MicroStrategy boosts $500M junk-bond sale to buy more Bitcoin
The company announced the pricing of $500 million of 6.125% Senior Secured Notes to acquire additional Bitcoin.
According to Bloomberg, the firm received about $1.6 billion in orders for the offering, including interest from a large number of hedge funds.
MicroStrategy has already issued convertible bonds worth around $1 billion in its mission to scoop up more BTC.
This is the first-ever corporate bond sale with proceeds earmarked for such purchases as CEO Saylor continues on his quest to make it an official corporate strategy.
MicroStrategy had initially planned to issue $400 million of the debt and had already seen that much in demand by the time the deal was launched on Monday, so it sold the secured notes at a yield of 6.125%
According to BitcoinTreasuries, MicroStrategy is at the top among corporate holders of Bitcoin, and its investment is now worth $3 billion after making a gain of 33% to current prices.
As of now, Bitcoin is trading around $34,125, 3.70% up compared to the last 24 hours. The asset has slid 10% since the beginning of the week over increased regulatory fears in the U.S.