MicroStrategy boss Michael Saylor is one of the most prominent bitcoin bulls.
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Michael Saylor’s MicroStrategy borrowed $500 million to buy bitcoin – $100 million more than expected. The business software company issued 7-year bonds with an interest rate of 6.125%. MicroStrategy is committed to bitcoin despite flagging a $284.5 million loss due to the price crash.
Crypto bull Michael Saylor has doubled down on his company’s huge bets on bitcoin, borrowing $500 million through junk bonds to plow into the cryptocurrency – $100 million more than expected.
MicroStrategy – Saylor’s business software company based in Virginia – said on Tuesday that it had sold $500 million of high-yield bonds, otherwise known as junk, which will pay an annual rate of interest of 6.125% and are due in 2028. They are believed to be the first bonds directly linked to the purchase of bitcoin.
The offering was larger than the $400 million the company had originally planned to sell. MicroStrategy received around $1.6 billion in orders, Bloomberg reported, citing people with knowledge of the
