After Tuesday’s announcement that MicroStrategy will plan to purchase $ 600 million of Bitcoin by selling convertible banknotes, the business intelligence firm raised the bet by another $ 300 million.
MicroStrategy today said it will sell $ 900 million in convertible bonds maturing in 2027 in a special offer to eligible institutional buyers. According to company estimates, proceeds from the sale will be approximately $ 879 million. However, he added that it could reach $ 1 billion “if the primary buyers exercise their full option to purchase additional bonds.”
The business intelligence firm said it expects to close the offer on Friday, at which time it will receive additional Bitcoin. With Bitcoin (BTC) price reaching an all-time high of over $ 51,000 today, MicroStrategy could soon have an additional 19,000 BTC in its vaults.
MicroStrategy’s initial investment of $ 250 million in Bitcoin doubled last August, due to the recent rise of the cryptocurrency asset. Business Intelligence has since purchased 16,796 BTC for $ 175 million in September, then 29,646 BTC for $ 650 million through a bond issue in December. Additionally, the company bought 314 Bitcoins for $ 10 million in late January, and 295 Bitcoins for $ 10 million earlier this month.
If the purchase goes according to plan, the business intelligence firm will keep more than $ 3.5 billion of the cryptocurrency principal in its reserves, or nearly 90,000 BTC. This means that the company will control 0.48% of the Bitcoin traded supply.