MicroStrategy announces plan to buy more Bitcoin (BTC) as prices of top crypto assets decline

Enterprise software company MicroStrategy plans to add more Bitcoin (BTC) to its portfolio as the flagship digital asset falls below its new all-time high.

In a new press release, MicroStrategy says it is offering $525 million in convertible senior notes, with the intention of using the proceeds for general corporate purposes and purchasing more of the top crypto asset by market cap as the price increases drops to almost $70,000.

“The Notes may be converted, at MicroStrategy's option, into cash, shares of MicroStrategy's Class A common stock, or a combination of cash and shares of MicroStrategy's Class A common stock…”

MicroStrategy estimates that the net proceeds from the sale of the Notes will be approximately $515.0 million (or approximately $592.3 million if the initial purchasers fully exercise their option to purchase additional Notes)…

MicroStrategy intends to use the net proceeds from the sale of the Notes to purchase additional Bitcoins and for general corporate purposes.”

Bitcoin is trading for $69,921 at the time of writing, up slightly in the last 24 hours but down 5% from its new all-time high of $73,580 set on March 14. Its 2024 low was hit on January 23 when the crypto king targeted $39,500.

Earlier this week, MicroStrategy co-founder and long-time BTC proponent Michael Saylor said the company used proceeds from other convertible bonds and excess cash to purchase 12,000 BTC for $821.7 million, which was $68,477 per Token corresponds.

At that time, the purchase increased MicroStrategy's total BTC value to 205,000 at an average price of $33,706.

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