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Strategy Raising Another $2B to Buy More Bitcoin
The price of bitcoin rose modestly as the news hit just after the U.S. stock market close on Tuesday.
What to know:
Strategy (MSTR), formerly MicroStrategy, is raising another $2 billion via 0% convertible notes. The underwriter greenshoe is for up to an additional $300 million of the paper, according to a press release.
Funds raised will be used mostly for the acquisition of additional bitcoin (BTC).
Led by Executive Chairman Michael Saylor, Strategy is the globe's largest corporate holder of bitcoin, with 478,740 tokens worth more than $45 billion at current prices.
Bitcoin cut earlier losses following the announcement, rising about 1% to $95,000, still lower by 1.2% over the past 24 hours.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
