MicroStrategy to Quicken Bitcoin Buying After Boosting Note Sale
- Bitcoin sets another record high after note sale announcement
- Firm is the largest publicly traded corporate owner of Bitcoin
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MicroStrategy Inc. is accelerating its pace of Bitcoin buying by increasing the amount of convertible notes it’s selling by almost 50% to fund additional purchases of the cryptocurrency.
The once obscure software maker, which now calls itself a Bitcoin Treasury company, is moving rapidly to meet a goal announced last month of raising $42 billion in capital over the next three years to buy more Bitcoin. MicroStrategy said Monday that it bought a record $4.6 billion of the tokens, funded through an at-the—market stock share program. It will use the $2.6 billion raised from the 0% senior note offering to add to its roughly $31 billion stockpile.