CandleFocus Big-game Bitcoin: MicroStrategy Issues $700 Million Bond to Buy BTC, Bhutan’s Stash Revealed
2024-09-17
Author: Content Editor
Virginia-based software company MicroStrategy plans to raise $700 million through a convertible bond offering to increase its Bitcoin reserves and pay off debt. The offering will mature in 2028 and will be targeted at qualified institutional buyers. MicroStrategy intends to use the funds raised to redeem $500 million in existing debt and acquire more Bitcoin. The company has been leveraging debt to increase its Bitcoin holdings and has raised billions through similar note offerings since 2020. MicroStrategy currently holds 244,800 BTC worth around $14 billion. Additionally, Bhutan has emerged as a significant player in the Bitcoin market, holding approximately 13,029 BTC through its state-owned investment arm Druk Holding & Investments. The country has been mining Bitcoin in partnership with Bitdeer Technologies to diversify its revenue streams. These developments indicate a growing trend of corporations and governments recognizing Bitcoin's long-term potential.
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