By Shelly Melancon (Switzerland)
MicroStrategy has announced a move to invest another $400 million raised from senior secured notes in Bitcoin. MicroStrategy is willing to make another investment on Bitcoin even after its previous investments on the cryptocurrency. The CEO, Michael Saylor revealed this on his official Twitter page.
The software provider company would be raising another $400 million for investment in Bitcoin from senior secured notes. This is the third security debt the company would be raising to add to its initial holdings on Bitcoin. The company had initially bought over $2 billion worth of Bitcoin with cash and money raised from convertible notes.
MicroStrategy is one of the first Fortune 500 companies that started investing in the first cryptocurrency. The first phase of their investment on Bitcoin had begun by late August, 2020. Since then, the company has continued to add to their Bitcoin holdings. They have amassed over $1.2 billion in security offerings for the purchase of Bitcoin, and the CEO, Michael Saylor has insisted that they would continue making investments on Bitcoin. Even the recent dip in the crypto market has not changed his opinion about the cryptocurrency. In May, he had severely criticized Elon Musk, the CEO of Tesla who had been influencing the crypto market since his opinion about cryptocurrencies changed.
Also read:Currently, the total Bitcoin holdings of MicroStrategy stands at exactly 92,079 BTC with a net value of $2.251 billion. Most publicly listed companies like Tesla who had similarly made investments on the cryptocurrency either made a singel investment and some of them have traded off their Bitcoin holdings. MicroStrategy on the other hand has continued to buy Bitcoin over a period of 10 months since its first investment in August without trading their holdings off even when their investment increased by three folds as at the time the price of Bitcoin climbed to the ATH of $64,683.
MicroStrategy Gains Over a Billion Dollar on Their Investment
MicroStrategy has made over $1 billion profit from their Bitcoin investment. The total dollar worth of their 92,097 BTC currently stands at $3.37 billion which is over a billion dollars more than the initial valuation of $2.251 billion. Strangely enough, the profit made on their Bitcoin Investment since August surpasses the profit made from all of their products.
The company is one of the foremost companies to endorse the use of Bitcoin as a treasury reserve following the decline in the value of the US Dollar. Michaeal Saylor has established himself as an avid supporter of the foremost cryptocurrency. He revealed in one of his tweets some months that both personal and corporate investment made on Bitcoin sums up to 110,000 BTC. He was one of the major participants in the 2021 Bitcoin Conference that was hosted in Miami, Florida a few days ago. He is regarded as one of those who encourage various publicly listed companies like Tesla to join in on the Bitcoin wave.
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