MicroStrategy to Offer $600 Million in Convertible Notes to Buy More Bitcoin
- Bitcoin on company’s balance sheet worth around $13 billion
- Shares of the company have more than doubled this year
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MicroStrategy Inc., the largest corporate holder of Bitcoin, proposed increasing its cache of the largest cryptocurrency through the sale of $600 million in convertible senior notes.
The value of Bitcoin holdings on the enterprise software maker’s balance sheet has increased to around $13 billion since the company started purchasing the digital asset in 2020 as part of the effort to hedge inflation. Michael Saylor, MicroStrategy’s co-founder, has become one of the most prominent advocates for the cryptocurrency by turning the software maker into a Bitcoin proxy for stock investors.