MicroStrategy is showcasing more interest in buying Bitcoin (BTC) as the digital token continues to break new records. The software technology company’s debt offering is now $900 million and it will be used to buy more Bitcoin.
Bitcoin soared above $50,000 on Monday. The digital token rally had grabbed the attention of large financial institutions as well as other businesses. Last week, Tesla bought $1.5 billion worth of Bitcoin. Meanwhile, MasterCard and Bank of New York both said that they’ll be accepting the digital token.
However, MicroStrategy was the first corporation ever to directly buy Bitcoin. The company raised $400 million in December to add it to its Bitcoin holdings. Meanwhile, Michael Saylor, CEO of MicroStrategy said that Bitcoin is a hedge against inflation and any potential devaluation in the US dollar. The software developer company currency owns over 70,784 Bitcoin, worth over $3.5 billion with the BTC current price.
MicroStrategy first bought Bitcoin for $16,000
When MicroStrategy’s closed its first Bitcoin deal, the digital token was trading at $16,000. Since then Bitcoin surged over 736%. Consequently, the firm’s market valuation rose from $2 billion in August to over $10 billion – as of this writing. Thanks to the Bitcoin bet – Michael Saylor who owns 2.4 million share stakes in MicroStrategy became a billionaire.