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MicroStrategy, the leading corporate holder of Bitcoin , has announced plans to raise $600 million through senior convertible notes to expand its Bitcoin reserves further, as confirmed by its founder and chairman, Michael Saylor.that MicroStrategy is seeking to raise over $600 million through senior convertible notes, a type of debt security that can be converted into equity at a later date.
Notably, the notes offer the flexibility of conversion into cash, shares of MicroStrategy’s class A common stock, or a combination of both. The announcement was met with a positive reaction from the crypto community, some even joking that MicroStrategy intends to scoop every last BTC on the market.the S&P 500, Nasdaq, and Dow Jones by quite a large margin, and it’s most likely due to the company’s substantial BTC exposure.
It didn’t take long for Bitcoin to react to the news —topping $68K an hour later or so. As such, BTC surged 8% on Monday and is up nearly 30% in the last seven days. The price has since retraced a bit to trade around $67K at the time of this writing.MicroStrategy currently holds approximately 193,000 BTC, acquired at a total cost of over $6 billion.
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