Michael Saylor Launches MacroStrategy Subsidiary to Hold Bitcoin, Raising $400M Debt to Buy More BTC
Michael Saylor’s publicly listed analytics and business intelligence company wants to add more Bitcoin to its coffers which already holds approximately 92,079 BTC.
Interestingly, these BTC will be held by a newly formed subsidiary, MacroStrategy LLC.
With this announcement, the company also shared that they will be raising yet another $400 million in a private offering to qualified institutional buyers by issuing senior secured notes due 2028.
The net proceeds from the sale of the notes will be used to acquire additional bitcoins.
The price of MSTR shares currently trading at $477.75 meanwhile is still down about 64% from its all-time high above $1,314, set in early February.BTC -1.86% Bitcoin / USD BTCUSD $ 20,856.21
-$387.93-1.86% Volume 21.37 b Change -$387.93 Open $20,856.21 Circulating 19.08 m Market Cap 397.92 b 5 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum