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MicroStrategy Raises $500M From Bond Sale to Buy More Bitcoin
The announcement comes with news of a new bitcoin-holding subsidiary, MacroStrategy LLC.
By Danny Nelson
Updated May 9, 2023, 3:20 a.m. Published Jun 14, 2021, 1:54 p.m.
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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.
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- 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.
Read more: MicroStrategy Boosts Note Offering to $500M as It Seeks to Buy Yet More Bitcoin: Report
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Gen Z 'nihilism' is fueling a $100 trillion crypto derivatives boom in response to a broken system
A significant increase in housing costs makes home ownership unattainable for many Gen Z individuals, leading to financial nihilism, said CoinFund's David Pakman.
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- Gen Z’s embrace of high-risk investments is a rational response to limited traditional wealth-building opportunities, such as affordable housing, CoinFund's Pakman said.
- The significant increase in housing costs compared with previous generations makes home ownership unattainable for many Gen Z individuals, leading to financial nihilism.
- With limited traditional options, Gen Z is turning to perpetual contracts, memecoins and other high-risk investments to build wealth.
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