Microstrategy completed its debt offering this Friday, with the company stating that the net proceeds from the sale of the notes will be approximately $1.03 billion.<\/p>\n
That’s considerably more than the $600 million initial suggestion, with the raise including a $150 million option.<\/p>\n
The proceeds will be used to buy bitcoin at the rate of about $2,000 per second according to a statement by Michael Saylor, Microstrategy’s CEO, detailing the process of previously buying bitcoin.<\/p>\n
The so called saylorbot may take about 10 days to complete the purchase as per previous timelines.<\/p>\n
That should bring considerable buy pressure, with bitcoin rising to $57,500 today in part presumably due to saylor bot which now is probably in action.<\/p>\n
Previously they used Coinbase Pro to buy bitcoin, with the company expected to do so again.<\/p>\n
As these are on exchange purchases, they may add significant price setting demand for the next few days.<\/p>\n
Something that may increase bitcoin’s price considerably as new money enters the market.<\/p>\n