MicroStrategy announced it would raise the private offering of convertible senior notes to $1.75 billion, as they acquire $4.6 billion Bitcoin to holdings on the same day.

According to the company’s official statement on Nov. 18, MicroStrategy is raising funding to buy more Bitcoin in the future through private offerings that qualify as institutional buyers. The number of offers is up to $1.75 billion with a convertible senior note due on December 1, 2029.

The notes were sold for U.S. buyers with Rule 144A under the Securities Act, and available for certain non-U.S. buyers with Regulation S under the same act. Additionally, the funding is not only used for acquiring more Bitcoin but also uses for general corporate purposes.

Initial purchasers of the notes would have an option to purchase an additional $250 million aggregate principal amount of the notes. MicroStrategy would propose the notes offering on Nov. 19 on video webinar.

MicroStrategy allowed the notes to be converted into their class A common stock, cash, and a combination of both. The latest time they offered the same notes was on September 20, 2024.

MicroStrategy acquires $4.6 billion Bitcoin on the same day

Executive chairman Michael Saylor in his X post on Nov. 18, announced the company acquired 51,780 Bitcoin, or equivalent to $4.6 billion. The average price of the Bitcoin is $88,627.

This acquisition doubled the previous buying and now they spend $16.5 billion in Bitcoin. As of Nov. 17, the company’s acquires 331,200 Bitcoin, or equal to 1,57% of the total Bitcoin supply.

MicroStrategy’s average Bitcoin price now is around $49,847 or 47% below Bitcoin’s all-time high of $93,477. They also have an unrealized profit of up to $13 billion.

Since the company based in Tysons Corner, Virginia announced the Bitcoin acquisition for the first time in 2020, the share has risen to 2,400% from $15 to $384 today.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

US-based crypto exchange Coinbase just launched a new benchmark index for tracking the digital assets market.

In a statement, the publicly-listed firm says the Coinbase 50 Index (COIN50) is a regulated benchmark representing the 50 largest crypto assets on its platform that meet the fundamental criteria for token economics, blockchain architecture and security.

To qualify for entrance into the index, the assets must not be pegged to other digital assets, must have most of their token supply in public circulation and must not have any known security vulnerability. 

“The Coinbase 50 Index, rebalanced quarterly, is a market cap-weighted index of the top 50 assets that meet the index’s criteria. Traders can use the index to track the performance of the broader crypto market and benchmark their returns.”

The exchange says that while the Coinbase 50 Index currently covers around 80% of the crypto market cap, the plan is to launch a significantly broader index as the market grows and diversifies.

“This path sets the foundation for our indices to evolve alongside the industry, ensuring they provide critical price discovery and remain a comprehensive benchmark for the cryptoeconomy.”

Eligible institutional and retail users can now trade the index via a COIN50 perpetual futures contract on Coinbase International Exchange and Coinbase Advanced albeit the contract is not available to traders based in the US, UK and Canada.  

The exchange says it is exploring more ways to provide traders exposure to the index. 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/IR Stone