MicroStrategy, a U.S.-listed company, successfully raised $650 million to buy Bitcoin (www.blockcast.cc)

Author: Amy Liu

Source: Bitpush.News

Original title: MicroStrategy raises $650 million for the purchase of Bitcoin

US business intelligence company MicroStrategy announced today that it has raised US$650 million through the sale of convertible senior notes due in 2025 to buy more bitcoins.

MicroStrategy estimates that, after deducting discounts and commissions from the original purchaser and the estimated selling fees the company should pay, the net proceeds from the sale of the notes are approximately $634.9 million.

The company reiterated that it intends to invest the net proceeds from the sale of these notes in Bitcoin in accordance with its treasury reserve policy, “before determining working capital requirements and other general corporate purposes.”

According to a previous report by “Beijing”, the company has purchased approximately 40,824 bitcoins (worth $735 million).

At the same time, MicroStrategy CEO Michael Sayler revealed in October that he spent approximately $175 million on personal Bitcoin storage.

Sayler said that part of their decision to invest in Bitcoin was due to macro factors, such as the economic and public health crisis caused by the new crown pneumonia, unprecedented government financial stimulus measures (including quantitative easing) taken around the world, and global political and economic uncertainty Sex. He also said via twitter today,

Recently, the major crypto exchange Coinbase stated that it was selected as the main execution partner of MicroStrategy’s multi-million investment in Bitcoin this summer.

The main reason why a large number of institutions flock to buy bitcoin seems to be the depreciation of the dollar. As the government released more and more free funds, the dollar gradually weakened. Saylor said in an interview:

“What we are trying to do is to preserve our treasury. The purchasing power of cash is rapidly declining.”

The dollar-foreign currency exchange rate has fallen by nearly 10% since it peaked in March and fell to its lowest level since 2018 in August.

Most institutions begin to invest in Bitcoin to hedge against the risk of a depreciation of the dollar. It is only a matter of time.