MicroStrategy will raise $500 million to purchase BTC

In a recent press release, Micheal Saylor’s MicroStrategy announced that it will raise $500 million to buy more Bitcoin (BTC). The company intends to raise the money from institutional buyers. According to the official statement, the company intends to offer ‘$500 million aggregate principal amount of convertible senior notes due 2032 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers.‘

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MicroStrategy is one of the largest BTC holders in the world. As of May 1, 2024, the company has about 214,400 BTC, worth about $7.5 billion. The company’s BTC was purchased at an average price of $35,158.

Will Bitcoin (BTC) go up?

Source: Shutterstock/In Green, modified by Blockworks

MicroStrategy is extremely bullish on BTC. The company’s head, Micheal Saylor, is a vocal supporter of the original cryptocurrency. The company never missed an opportunity to buy more BTC and its investments were rarely wasted. Microstrategy purchased 9,245 BTC in March for $623 million. It is possible that Saylor anticipates the price of BTC to rise in the coming months.

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Furthermore, inflation in the US was lower than expected for the month of May. This could further help the price of BTC.

Data from CoinCodex shows that Bitcoin (BTC) could rise in the coming weeks. The platform predicts that the original cryptocurrency will reach a new all-time high of $76,176 on June 16, 2024.

Source: CoinCodex

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Furthermore, CoinCodex does not expect BTC to stop there. The platform expects BTC to reach a high of $88,096 on June 7, 2024. If BTC reaches $88,096, it would imply growth of almost 30% from its current price levels.

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