MicroStrategy (NASDAQ: MSTR) is about to make another bet on bitcoin (EXANTE: Bitcoin) as the company announced a new private offering for $400 million to invest more in the cryptocurrency. According to a press release, it remains unknown when or on what terms the offering may be completed.
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"MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins," the company said.
MicroStrategy says the senior secured notes will be offered and sold only to qualified institutional buyers and to persons outside of the United States. MicroStrategy's private offering comes after the company's CEO, Michael Saylor, hosted a meeting between Elon Musk and the leading bitcoin miners in North America.
The MicroStrategy CEO said that the miners had agreed to form the so-called Bitcoin Mining Council. The council's goal will be promotion of energy usage transparency & accelerate sustainability initiatives worldwide.
He also added, that executives from Argo Blockchain, BLOCKCAP, Core Scientific, Galaxy Digital, and others were present and decided to establish an organization to "standardize energy reporting." As of press time, MicroStrategy hodls 92,079 BTC (~$3.3 billion at current price).
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