MicroStrategy Buys $822M Worth of Bitcoin Amidst Surging Prices

• MicroStrategy now has 205,000 BTC worth around $14.7 billion.
• Last week, MicroStrategy revealed its intention to sell convertible senior notes.

With the majority of the funds it garnered from its recent convertible debt offering, MicroStrategy (MSTR) has bought 12,000 more bitcoin (BTC). Led by Michael Saylor, a strong supporter of bitcoin, MicroStrategy now has 205,000 BTC worth around $14.7 billion.

According to a post by Saylor on Monday on twitter, MicroStrategy paid around $68,477 per coin for its most recent purchase of Bitcoin. Using a combination of the debt raised revenues and surplus cash, the business spent $821.7 million to purchase bitcoin.

Bullish Outlook on Bitcoin

Last week, MicroStrategy revealed its intention to sell convertible senior notes at an interest rate of 0.625% per year in order to acquire more bitcoin, with the goal of raising $600 million. The goal was then raised to $700 million by the corporation.

In pre-market trading, MicroStrategy shares were up over 10% at $1,560, after Bitcoin’s new all-time high above $72,000 during Monday’s European morning.

Moreover, Saylor recently gave a bullish outlook on Bitcoin in an interview with CNBC. Citing Bitcoin’s intrinsic qualities and significant development potential compared to the conventional precious metal, Saylor strongly thinks that it is destined to surpass gold.

He singled out the forthcoming halving event in April as the main event that would cause Bitcoin’s price to skyrocket. The backdrop of the halving was provided by Michael Saylor, who said that it lowers the pace of new Bitcoin generation, which is expected to diminish the natural supply from sellers, increase demand, and improve prices.

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