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MicroStrategy gets $1.6 billion in junk bond offer to buy bitcoin

MicroStrategy booked $ 1.6 billion in orders in a recent junk bond offering, four times the amount originally sought to buy bitcoin.

MicroStrategy gets $1.6 billion in junk bond offer to buy bitcoin

Earlier this week, MicroStrategy announced that it would issue $400 million in junk bonds as part of a private offering, with a view to using the proceeds to buy Bitcoin.

MicroStrategy proposed $400 Million in bonds to buy more #bitcoin and they got $1.6 Billion of interest. They got 4x more in demand than what they offered. — Documenting Bitcoin 📄 (@DocumentingBTC) June 8, 2021

The deal would offer such funds a yield slightly above 6%. Junk bonds are known for offering higher yields (and a higher risk of default).

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MicroStrategy currently holds the most Bitcoin on its balance sheet out of all publicly traded companies, amounting to a dollar valuation of around $3.2 billion — more than twice the value of Bitcoin held by Tesla ($1.4 billion).

In total, MicroStrategy has accumulated more than 92,000 bitcoin, according to data from The Block.

Tagged with: bitcoin, business, crypto, cryptocurrencies, cryptocurrency, finance, finances, investment, michael saylor, microstrategy, money, tech, technology
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