MicroStrategy To Offer $400 Million Of Bonds To Buy More Bitcoin
Last week, Michael Saylor, ceo of MicroStrategy announced he had bought an additional 2.000 BTC on behalf of his company. Now comes another breaking news.
MicroStrategy announced in a press release its intent to privately offer $400 million in convertible senior notes so that it could buy more bitcoin.
“MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes,” according to the release.
- MicroStrategy, led by CEO Michael Saylor, made headlines earlier this year when it invested $250 million to purchase 21,454 bitcoin (about 0.1 percent of all bitcoin that will ever exist).
- MicroStrategy “expects to grant the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $60 million aggregate principal amount of the notes,” per the release.
- Following the announcement, Bitcoin Twitter went on full pump-mode, celebrating the groundbreaking nature of the plan, noting that Saylor was leveraging tools of traditional finance to convert it into scarce digital asset in an unprecedented way.
This is without a doubt a great chess move. Selling USD debt on that scale to buy bitcoin might be referenced in economic books of the future. Saylor is also gaming the system of the Cantillionaires as ultimately it will be FED money that will be turned into hard money.
Michael has started to eat the best pieces of the buffet before anyone else knows there is a buffet. He is leading the race to accumulate btc before hyperbitcoinization and he as set himself lightyears ahead of the competition in the corporate league.
However, nocoiner could still keep up with Michael as on Twitter account pointed out: “Buy bitcoin ASAP so you can front run @michael_saylor”
In conclusion, it’s interesting to see that Saylor is taking the “buy and hold”, “steadily accumulate for the long-term”, or in other words “irresponsibly long” very serious. Very very serious.
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