MicroStrategy, led by CEO Michael Saylor, announced an increase in its initial convertible notes offering from $500 million to $700 million in a press release on Friday.
MicroStrategy has added an additional $200 million to its initial convertible notes offering as it looks to acquire more Bitcoin . Bitcoin fell below $66K on Thursday, raising investor fears. Bitcoin miners may be among top sellers. Meanwhile, Bitcoin dropped below $66K, with on-chain data suggesting miners are the major sellers.
Being the largest single Bitcoin holder with 214,400 BTC, MicroStrategy may be looking to acquire extra Bitcoin with the convertible notes sale, promising an annual yield of 2.25%. Read more:Why Bitcoin remains sideways despite record BTC ETF inflows Furthermore, Bitcoin's price fell in the early hours of Friday, dropping to around $65K from a previous price of $70K earlier in the week. This has sparked concerns among investors, with several analysts speculating that prices may drop to $60K.
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