- Michael Saylor’s MicroStrategy to raise $2.6 billion to buy more Bitcoin
- The amount was increased from the previously announced $1.75 billion
- MicroStrategy continues its Bitcoin accumulation strategy which has led to a surge in the company’s stock price
MicroStrategy has been one of the biggest corporate champions of Bitcoin. Led by CEO Michael Saylor, the company has made buying and holding BTC a core part of its business strategy. This has paid off handsomely so far, with MicroStrategy’s stock price surging amid the ongoing crypto bull market.
MicroStrategy Increases Planned BTC Purchase to $2.6B
MicroStrategy announced today that it plans to raise $2.6 billion through a convertible senior note offering to purchase additional Bitcoin. This is an increase from the previously announced amount of $1.75 billion.
The company has already purchased over $4 billion worth of Bitcoin earlier this week. It does not look like MicroStrategy plans to stop accumulating the leading cryptocurrency anytime soon.
Bitcoin Hits New All-Time High in November
Bitcoin has seen a very strong November so far, buoyed by pro-Bitcoin candidate Donald Trump‘s victory in the 2024 US Presidential elections.
Earlier this week, Bitcoin reached an all-time high price of $93,000. On Wednesday, it set another new record at $94,000 and appears poised to continue its upward climb.
MicroStrategy Stock Surges Amid Bitcoin Gains
MicroStrategy’s Bitcoin accumulation strategy has proven very effective so far. As Bitcoin rises to new highs, interest in MicroStrategy stock has also increased dramatically.
Recently, Vanguard – the world’s second largest asset manager – boosted its holdings in MicroStrategy. Wall Street sees the company as a way to gain exposure to Bitcoin’s gains without directly investing in the volatile cryptocurrency.
MicroStrategy is leading the way for public companies embracing Bitcoin. With its latest capital raise, the company is doubling down on its massive bet that Bitcoin will continue appreciating in value for years to come.
