MicroStrategy plans to sell $1 Billion in stock to buy more Bitcoin

MicroStrategy only second to Tesla in Bitcoin investment
  • MicroStrategy non-crypto firm with the biggest bitcoin inventory.
  • Michael Saylor considers himself as a chieftain against fiat currency
  • MicroStrategy will continue buying bitcoin

When Bitcoin prices have been falling, MicroStrategy plans to sell $1 Billion in stock to buy more Bitcoin. The company hopes to offload $1 billion in stock and use the proceeds to buy more bitcoins.

The Michael J. Saylor business intelligence software firm MicroStrategy, on the same day, announced that it had completed the sale of $500 million in bonds, and the proceeds will be used to increase the stock of the number one cryptocurrency by market capitalization.

 Michael J. Saylor

Largest Bitcoin Cache worth $3.68 billion

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MicroStrategy bitcoin cache is so big, and it is now described in the company’s filing with the United States Securities and Exchange Commission. The company has in its inventory 92,079 bitcoin, worth more than $3.68 billion at the time of writing. According to CEO Michael Saylor, if the capital raises, the value could touch $5 Billion.

CEO Michael Saylor is on a buying spree for Bitcoin

CEO Michael Saylor is on a buying spree for Bitcoins, and it comes when the digital currency has lost a third of its value in the last month. As a result, MicroStrategy has changed the gargantuan zero-interest debt into its single –largest bitcoin allocation yet.

Single largest bitcoin allocation by a publicly-traded company

In February, MicroStrategy announced the purchase of another $1.026 billion. As a result, MicroStrategy has changed the gargantuan zero-interest debt into its single–largest bitcoin allocation by a publicly traded company. CEO Michael Saylor’s business intelligence firm had purchased 19,452 BTC at an average price of $52,765 per coin.

MicroStrategy’s investments second only to Tesla

Major companies are racing to buy bitcoins, and Tesla is on top with an investment of $1.5 billion. MicroStrategy’s single-largest dollar investment in the crypto is second only to Tesla’s investment. CEO Michael Saylor continues with buying bitcoin, and MicroStrategy will likely remain the non-crypto firm with the biggest bitcoin inventory.

Michael Saylor and his progressive, imaginative bitcoin evangelism had made him a sort of messiah for corporate investment in bitcoin. Saylor has adopted the bitcoin meme culture and has even added laser eyes to his Twitter account.

Clobbering together a bitcoin brethern

Saylor labels Gold as an inferior reserve asset. He considers himself as a chieftain leading his crypto army against the evil world of fiat currency. Saylor has been able to create a corporate brethren at MicroStrategy’s bitcoin-heavy annual conference. The conference happened a day before Tesla made its $1.5 billion investment in Bitcoin.

The metamorphosis of MicroStrategy at its annual client conference earlier this month into a corporate bitcoin is very striking. A deluge of companies ready to sign on as bitcoiners-to-be was seen at the conference. For its part, MicroStrategy has gone with Coinbase.

MicroStrategy CEO Michael Saylor on the company’s bitcoin plans

MicroStrategy CEO Michael Saylor was recently talking to CNBC, and he said that not only Bitcoin but also a bright future for all cryptocurrency assets. Saylor is an interview that felt that different crypto assets have other purposes, and it will take some time for the digital asset segment to recognize these distinctions.

Saylor added that Bitcoin is like a digital asset and a store of value, whereas Ether and the Ethereum blockchain seeking to usurp traditional finance. Saylor compares bitcoin to something solid like granite which we use to build a structure. Ethereum is seeking to dematerialize exchanges and the entrenched conventional financial market.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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