MicroStrategy Raises $500M From Bond Sale to Buy More Bitcoin

MicroStrategy is preparing to buy up to $488 million in bitcoin with the proceeds of a $500 million bond sale it just completed, the company said Monday.

• The business intelligence software company controlled by CEO Michael Saylor will add to its vast trove of bitcoin.
• MicroStrategy said its approximately 92,079 BTC is being held by a newly formed subsidiary, MacroStrategy LLC.
• The proceeds of the junk bond sale have yet to be spent on bitcoin.
• Saylor has made bitcoin acquisition a second mandate for his 32-year-old company after its main business of developing software.