"Others like MicroStrategy, I'm afraid it's only 2%."
Immediately after offering the 0.875% Convertible Senior Notes, MicroStrategy founder Michael Saylor again acquired 9,245 Bitcoin (BTC) worth $623 million making his total holding 1% of the maximum supply of 21 billion BTC.
Its increased accumulation amid BTC's fall to $63,000 has sparked shocks across the crypto market including Microstrategy's follow-up investor securing enough funds to further strengthen its position and financial strategy in the crypto world.
It is widely known that the notes have an aggregate principal of $603.75 million including 78.75 million funds used by early buyers within 13 days and that it sees a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
Also reported, MicroStrategy (MSTR) stock showed a 10.58% drop in pre-market hours today where it traded at $1,336, however the firm now holds 214,246 BTC worth $7.5 billion at an average price of $35,160 per BTC.
There is no denying that the price of BTC has managed to break all-time highs, but the drastic drop immediately gained global attention.
Many factors have caused BTC to experience the 7% drop witnessed today and they include muted trading ahead of the Federal Open Market Committee (FOMC) meeting i.e. BTC ETF outflows, massive selling by whales and more.
As a firm keen to keep its BTC strategy intact, more sales of Convertible Senior Notes by MicroStrategy are likely to occur more frequently as they become quite popular after crypto companies including Coinbase seek debt deals.
