• With a $400 million senior secured offering, MicroStrategy hopes to buy more bitcoin

  • Early Monday, shares of Michael Saylor’s MicroStrategy Inc. were trading lower after the enterprise software business launched a $400 million private offering of senior secured debt, with the goal of increasing its bitcoin holdings.

    Saylor tweeted about the company’s move, which has been considered as a proxy for bitcoin BTCUSD, especially considering its insatiable thirst for buying the world’s most popular cryptocurrency.

    MicroStrategy MSTR, possessed 92,079 bitcoins as of last month, purchased at an average price of $24,450. MicroStrategy’s stock was down more than 1% on Monday morning.

    However, bitcoin prices have been falling recently, and Saylor’s purchases are seen as a crypto bull double down on the falling asset.

    At the time of writing, bitcoin was trading at $36,528.14 on CoinDesk, up around 2.2 percent. However, the virtual asset is down significantly from its peak of $64,829.14 in April.

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