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MicroStrategy borrows not $ 600 million to buy Bitcoin, but much more

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Preliminary information appeared yesterday that MicroStrategy, the “major corporate sponsor” of the Bitcoin cryptocurrency, is going to borrow $ 600 million to buy it. However, in reality, the amount was even greater.

The company today announced a $ 900 million convertible bond issue. The proceeds from the sale of these convertible bonds will indeed go towards buying cryptocurrency.

The company has been purchasing Bitcoin since August last year, when the cryptocurrency surged in value. Now a Bitcoin unit costs about $ 50,000. The latest jump in value is associated with the purchase of Bitcoin in the amount of $ 1.5 billion by Tesla and reports of support for cryptocurrencies by such large financial companies as BNY Mellon, BlackRock and Mastercard.

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