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Michael Saylor's MicroStrategy to Raise $600M to Buy More Bitcoin
Taking advantage of a massive run-up in the stock, the company is looking to add to its 193,000 bitcoin stack.
MicroStrategy (MSTR) Tuesday evening announced plans to raise $600 million by selling convertible debt in a private offering, with intentions of using the funds to buy acquire more bitcoin {{BTC}}.
Helmed by its founder, former CEO and now Executive Chairman Michael Saylor, the company has been a relentless accumulator of bitcoin since mid-2020. At last check, MicroStrategy held 193,000 tokens worth more than $13 billion at the current price of $67,500.
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"MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes," the company said in a press release.
MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes $MSTR https://t.co/PEN5dxesIb
— Michael Saylor⚡️ (@saylor) March 4, 2024
In issuing the convertible paper, MicroStrategy is taking advantage of a major run-up in its stock price, the shares having nearly doubled in 2024, including a 24% advance in yesterday's market action. MSTR is lower by 6% in early trading on Tuesday.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Що варто знати:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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