Michael Saylor’s MicroStrategy is heading to the lending markets to finance another Bitcoin buying spree.
The firm says that it will borrow approximately $500 million in the form of senior secured notes. All proceeds will go towards buying more Bitcoin at a time when the flagship crypto asset is nearly 50% down from its all-time highs.
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoins.”
The business analytics software firm adds that it will borrow from “qualified institutional buyers” as well as from “persons outside of the United States”.
Currently, the Saylor-led firm holds 92,079 Bitcoin which were acquired at an average price of around $24,450. With BTC trading at $33,842 at time of writing, $500 million would translate to about 14,774 Bitcoin.
During the Bitcoin 2021 Miami conference earlier