MicroStrategy says they are doing another $600 million debt offering to buy even more Bitcoin
I think it's safe to say that Michael Saylor has decided he is going to single handily push the price of bitcoin over $100k this year.
After several big buys of bitcoin, the company announced they are going to do yet another $600 million convertible debt offering to buy even more.
The official announcement can be seen here:
This is in addition the the $650 million convertible debt offering MicroStrategy completed several months back.
The buyer of last resort...
If you are wondering who the big buyers are going to be that come in at these $50k levels and keep pushing the price higher, the answer is, these guys.
A timeline of their bitcoin purchases can be seen here:
They are using pretty much all the cash on their balance sheet, the free cash flow generated by the company, and plus they are doing debt offerings to get even more bitcoin.
This is a perfect example of continuing to do something as long as it keeps working.
Their stock has gone up more than the price of bitcoin over the last couple months so they have been handsomely rewarded for their risk.
It will be interesting to see how much shareholders will continue to support moves like this as it will eventually become a major liability should bitcoin plummet at some point.
Though, if I know Michael, if it plummeted he would raise $2 trillion to buy it on the dip.
Bitcoin is going to keep going higher, institutions are in control now.
Stay informed my friends.
Posted Using LeoFinance Beta