MicroStrategy Doubles Down on Bitcoin, Plans to Buy $600 Million More

MicroStrategy, a company known for its investments in Bitcoin, has announced plans to increase its holdings of the cryptocurrency.

More Bitcoin for MicroStrategy

MicroStrategy, the largest public holder of Bitcoin, has been a long-time supporter of the digital currency. The company has been buying Bitcoin since August 2020 and has held onto its assets through market fluctuations.

Now, MicroStrategy plans to use the proceeds from a $600 million convertible note offering to buy more Bitcoin.

Bitcoin’s Price on the Rise

Bitcoin’s price has been climbing steadily, approaching its all-time high. Institutional investors continue to invest in Bitcoin, contributing to its recent surge.

MicroStrategy’s Bitcoin Bet Pays Off

MicroStrategy’s investment in Bitcoin has been profitable so far. The company’s holdings are now worth over $10 billion, with an unrealized profit of $6.8 billion.

Stock Price Boost

MicroStrategy’s Bitcoin bet has also boosted its stock price. Shares of the company jumped 24% on Monday and are up 94% since the beginning of the year.