MicroStrategy to Pour $400 Million More Into Bitcoin

MicroStrategy is seeking to raise an additional $400 million by offering senior secured notes to purchase more Bitcoin, according to a June 7 press release:

MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins.

In its recent filing with the U.S. Securities and Exchange Commission, the company also reported an impairment loss of at least $284.5 million related to its previous Bitcoin buys.

In February, MicroStrategy raised a whopping $1.05 billion and then used the nine-figure sum to buy more Bitcoin within the same month.

As reported by U.Today, its most recent Bitcoin purchase of $10 million was announced on May 18.

The business intelligence firm currently holds 92,079 BTC. It has also formed a new subsidiary called MacroStrategy LLC for holding its Bitcoin riches.

Bitcoin has jumped a meager 1.31 percent on the news, currently trading at $36,665 on the Bitstamp exchange. The bellwether cryptocurrency is currently down 44 percent from its April 14 peak.

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