MicroStrategy Sees USD 1.6B Interest in Their Bitcoin Offer – Report

MicroStrategy Sees USD 1.6B Interest in Their Bitcoin Offer - Report 101Source: Adobe/Tierney

US-based software developer MicroStrategy has received approximately USD 1.6bn in orders for the recently announced private offering of secured notes, Bloomberg reported, citing undisclosed people with knowledge of the marketing process.

Per the report, this interest includes that from "a large number" of hedge funds amid a sharp correction in the bitcoin (BTC) market.

As reported yesterday, MicroStrategy boosted the size of its sale to fund the purchase of more BTC by USD 100m, now targeting USD 500m.

Just a day prior, the company had announced a proposed private offering of USD 400m of senior secured notes due 2028 to qualified institutional buyers and to persons outside of the United States. They had already seen USD 400m in demand by the time the deal was launched.

Meanwhile, according to technical strategists from Oanda Corporation, Evercore, and Tallbacken Capital Advisors, as cited by Bloomberg, bitcoin may fall into the USD 20,000 zone should there be further weakness. "A break of [USD] 30,000 could see a tremendous amount of momentum selling," Edward Moya, senior market analyst with Oanda Corporation, was quoted as saying.

However, MicroStrategy’s CEO Michael Saylor, still demonstrates his strong conviction in BTC.

"If you’re looking for a safe haven, I say bitcoin is the most secure, most reliable, most certain thing in the entire economic universe," he said recently.

The company has approximately BTC 92,079 (currently c. USD 3.14bn), which they said will be held by a newly formed subsidiary, MacroStrategy LLC.

At 08:21 UTC Wednesday morning, BTC is trading at USD 34,133 and is up by almost 3% in a day, as El Salvador passed the Bitcoin law.
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