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Crypto: MicroStrategy aims to buy more bitcoin with $400 million senior secured offering

Shares of Michael Saylor’s MicroStrategy Inc. were trading lower early Monday, as the enterprise software company announced that it was raising $400 million in a private offering of senior secured debt, with the aim of further growing its cache of bitcoin.

Saylor issued a tweet to highlight the move from the company, which has been viewed as a proxy for bitcoin
BTCUSD,
+0.59%
,
especially given its insatiable appetite for purchasing the world’s No. 1 crypto.

As of last month, MicroStrategy
MSTR,
-1.81%

held 92,079 bitcoins, bought at an average. price of $24,450. Shares of MicroStrategy were down over 1% early Monday.

Prices of bitcoin have been under pressure of late, however, and Saylor’s purchases are seen as the crypto bull doubling down on the slumping asset.

At last check, bitcoin prices were up by about 2.2%, changing hands at $36,528.14 on CoinDesk. However, the virtual asset is down considerably from its peak around April at $64,829.14.

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