MicroStrategy plans to raise an additional $690 million to buy more Bitcoin (BTC), as the largest cryptocurrency briefly breaks the $50,000 level for the first time.
The publicly traded firm announced Tuesday that it plans to sell $600 million in convertible bonds, with an option to further purchase of up to an additional $90 million. MicroStrategy plans to use the money to boost its Bitcoin stash, it said in the announcement Tuesday.
That follows $1.15 billion of crypto purchases that began last summer, and prompted MicroStrategy to announce a second pillar of its corporate strategy — “to acquire and hold Bitcoin.” In early December, it sold $650 million of convertible bonds, opening a backdoor for bond investors to invest in Bitcoin.
As of February 8, the firm said it owned nearly 71,000 BTC.
Meanwhile, Bitcoin’s price has soared above $50,000 for the first time. After reaching a new all-time high of $50,350 on Tuesday, Bitcoin is now trading at $49,969, up 3.2% over the previous 24 hours, according to CoinGecko.
BlockFi Hiring For New Asset Management Unit
As Bitcoin sets a fresh record above $50,000 in a rally, BlockFi, the Peter Thiel-backed crypto lending business, is seeking key hires for its new asset management unit.
It is seeking a head of asset management and a head of trust products, both to be based in New York, according to The Block. Additionally, it is also advertising more than one hundred open jobs across North America, Europe, Singapore and Hong Kong.
The head of trust products will bear responsibility for managing the BlockFi Bitcoin Trust. The trust was first unveiled on February 9. Initially, trust shares will be made available to global institutions and other qualified investors. Later on, access will expand to include accredited individual investors in the US.