MicroStrategy has announced plans to raise $2.6 billion to purchase more bitcoin as BTC hits a new all-time high of over $94,500.
MicroStrategy's Capital Raising Plan
Michael Saylor, head of MicroStrategy, announced the company's plans to issue nearly $2.6 billion in senior convertible notes due in 2029. The net proceeds will be used to purchase bitcoin and for general corporate purposes. The initial plan was to raise $1.75 billion, increased to $2.6 billion. The transaction is expected to close on November 21, 2024. Notes will be offered to qualified institutional buyers and certain non-U.S. persons.
Bitcoin's New All-Time High
At the time of writing, bitcoin is trading above $94,400, up 3% in the last 24 hours. Earlier today, the coin reached a new all-time high of just over $94,500.
Market Implications
Bitcoin's market cap exceeded $1.87 trillion, ranking 7th among the world's largest assets by market cap. The rise of bitcoin is fueled by optimism in the crypto industry, institutional investments, and the launch of BTC ETF options in the U.S.
MicroStrategy continues to increase its bitcoin investments, reflecting ongoing institutional interest in cryptocurrencies and their potential impact on the future market dynamics.
