Business intelligence firm MicroStrategy is looking to add more Bitcoin to its balance sheet. CEO Michael Saylor revealed in a tweet on Monday that the firm is planning to raise $400 million from the sale of senior secured notes that will be used to buy more Bitcoin.
MicroStrategy Announces Proposed Private Offering of $400 Million of Senior Secured Notes to acquire additional #bitcoin. $MSTRhttps://t.co/ilhUt1M73j— Michael Saylor (@michael_saylor) June 7, 2021
Despite purchasing more than $2 billion worth of Bitcoin, MicroStrategy is not showing any signs of halting its purchases. Since its initial purchase of $250 million in August 2020, the business intelligence giant has continued to double down on its Bitcoin investment.
An official statement from the company says that it “intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of senior secured notes due 2028 in a private offering to qualified institutional buyers.”
As per the announcement, the notes will be “fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by MicroStrategy Services Corporation.”
This is not the first time that MicroStrategy is rolling out such an initiative. Earlier this year, the firm raised over $1 billion, which was used to buy Bitcoin. Since then, the firm has gone on to invest several million in the flagship cryptocurrency. With its most recent purchase in mid-May, MicroStrategy now owns 92,079 Bitcoins, acquired at an average price of $24,450 per coin.