Summary
MicroStrategy’s stock is soaring as Bitcoin approaches a new all-time high. The company plans to offer a private sale of $600 million in order to purchase more of the asset. Since adopting a Bitcoin-buying strategy in August 2020, the firm’s stock has jumped by 809%. Co-founder Michael Saylor believes Bitcoin is a good way to fight inflation and provide a good return for shareholders. The company now owns 193,000 BTC, valued at over $13 billion. Bitcoin is currently trading at $68,217, close to its all-time high.
Key Points
1. MicroStrategy’s stock has surged by nearly 24% as Bitcoin approaches a new all-time high, reaching a price of $1,334 per share, the highest in almost two decades.
2. The company plans to offer a private sale of $600 million worth of convertible senior notes to purchase more Bitcoin, continuing its strategy of investing in the digital asset since August 2020.
3. Co-founder and chairman Michael Saylor believes that Bitcoin is a reliable store of value and a good long-term hedge against inflation, leading MicroStrategy to hold 193,000 BTC valued at over $13 billion.