MicroStrategy is buying more bitcoin again, and its fundraising has attracted much attention
MicroStrategy attracted growing attention today when it bought an additional $2.10 billion in bitcoin while selling a mix of equities and fixed income securities to fund the rapidly increasing buying. It was the fifth straight Monday that the company announced a purchase of digital assets. Michael Saylor, co-founder and chairperson of the company, decided that the small business software maker, which has amassed more than $41 billion worth of bitcoin over the past four years, needed to take a different path to survival. In October, he announced plans to accelerate his strategic shift by raising $42 billion over the next three years by selling shares in the market and issuing convertible bonds. The current danger is that the massive year-long rally in cryptocurrencies could be reversed, in which case leveraged bets on their value could have serious consequences for their owners.