Cryptocurrencies
MicroStrategy Raises $1 Billion to Buy Bitcoin, Redeem Notes
- Software maker is the largest corporate holder of Bitcoin
- Firm bought $458 million in of Bitcoin in the past week
Michael Saylor
Photographer: Liam Kennedy/BloombergThis article is for subscribers only.
MicroStrategy Inc. said it raised $1.01 billion through the sale of convertible senior notes to purchase more Bitcoin and redeem higher yielding securities.
The enterprise software maker, whose corporate strategy includes buying Bitcoin, used $458 million of the proceeds to acquire the cryptocurrency between Sept. 13 and Sept. 19. MicroStrategy owns about $15.8 billion in Bitcoin, making it the largest publicly traded corporate holder of the cryptocurrency. BlackRock runs the largest Bitcoin exchange-traded fund.