Microstrategy, the company of Michael Saylor, recently announced that they had made $500 million available to purchase bitcoin (BTC) by completing the issuance of “Senior Secured Notes”. Microstrategy already owned more than 90,000 bitcoins, but apparently increasing this portfolio is still a high priority. This private sale of MicroStrategy received a huge amount of interest.
Just hours after it came out, Michael Saylor announced via Twitter that they had filed with the US Securities and Exchange Commission (SEC) to publicly sell $1 billion worth of shares.
The filing states that MicroStrategy plans to use proceeds from its share offerings for a wide variety of investments.
“We plan to use the net proceeds for business purposes, including acquiring bitcoin. We have not yet determined how much of the net proceeds will be used for a specific purpose, therefore management will exercise wide discretion over the allocation of these proceeds.”
So it seems plausible that much of the $1 billion that MicroStrategy wants to raise through the sale of shares will be used to buy bitcoins. MicroStrategy is currently one of the largest holders of bitcoins with over $3.7 billion converted to the current market value of the largest cryptocurrency.
It will come as a surprise to few that MicroStrategy will not stop buying bitcoins anytime soon. What is special, however, is the extent and speed at which this is currently taking place. Apparently Michael Saylor, as CEO of the company, has such faith in bitcoin that he dares to make investments with such astronomical amounts.
However you look at it, every time there is a bitcoin ‘dip’ on the price, you can assume that MicroStrategy is buying the dip. Recent times and the near future have therefore been dominated by quite serious accumulation for the company.