MicroStrategy buys $1B+ in bitcoin
Summary
“The company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin,” MicroStrategy CEO Michael J. Saylor said in a statement. “We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may, from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.” The announcement comes just two days after Treasury Secretary Janet Yellen warned that bitcoin is an “extremely inefficient” way to conduct monetary transactions, saying the cryptocurrency’s stability and legitimacy remained in question. In September 2020, the company announced it had completed an acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. In December, MicroStrategy announced it closed a convertible debt offering by raising $650 million which it planned to use to increase its bitcoin holdings. Last week, the company announced it would raise $900 million from a convertible senior notes offering to purchase even more bitcoin.
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