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MicroStrategy Increases Its Debt-for-Bitcoin Offering to $500 Million

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Tue, 06/08/2021 - 16:20
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Alex Dovbnya
MicroStrategy keeps upping the ante on Bitcoin
MicroStrategy Increases Its Debt-for-Bitcoin Offering to $500 Million
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MicroStrategy has boosted its bond deal to a whopping $500 million.

As reported by U.Today, the Michael Saylor-helmed business intelligence firm announced that it would offer $400 million worth of senior secured notes on June 7.

It is raising debt to acquire more Bitcoin, orchestrating a so-called "speculative attack" on the U.S. dollar.   

At the same time, MicroStrategy is also expecting to log a mammoth impairment loss of $284.5 million.

Related
Bitcoin Drops to $32K, and Peter Schiff Says It's Likely to Continue Collapsing
The largest cryptocurrency is currently trading at $32,219 after plunging to its lowest level since May 19.

The MicroStrategy stock is also down 7.3 percent today, reflecting the relentless cryptocurrency sell-off

The company currently has 92,079 BTC (roughly $2.9 billion) in its coffers.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.