Tysons company keeps betting big on bitcoin – WTOP News

Tysons, Virginia-based MicroStrategy, a business intelligence software company which now calls itself the world’s first Bitcoin development company, will borrow money to add to its massive Bitcoin holdings.

MicroStrategy will sell $700 million in unsecured senior notes at an interest rate of 0.625% paid semi-annually. The notes mature in 2030, and can be redeemed for cash or MicroStrategy stock. Investors will also have the option to purchase up to $100 million in additional notes, bringing the total to $800 million.

The offering is upsized from MicroStrategy’s originally-announced $600 million note sale.

The company said it will use proceeds to acquire additional Bitcoin, and for general corporate purchases.

Bloomberg has called MicroStrategy co-founder Michael Saylor one of the most prominent advocates for the cryptocurrency. The company is the largest corporate holder of Bitcoin, with 190,000 Bitcoin at the end of 2023, worth $13.1 billion at current value.

Saylor began acquiring Bitcoin in 2020.

Bitcoin, whose value sank in 2022, has recovered. It briefly reached a record high of more than $69,000 earlier this week.

MicroStrategy had $499.3 million in 2023 revenue, and reported a full-year loss of $1.5 million. Forbes estimates Saylor’s personal wealth at $3.3 billion.

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