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To the relief and delight of people who have been in Bitcoin’s corner, the flagship crypto was seen to reach the $40,000 region yesterday and has retained it since. The largest crypto asset is currently trading at $40,362 (at the time of writing), which has boosted the morale of many crypto investors and traders. If you are a potential investor make sure you use secure exchanges such as SwissBorg or Kraken to purchase BTC. On the other hand, if you are a novice trader you can use PrimeXBT Covesting, one of the best exchanges for new traders.
After struggling to reclaim $40,000 for weeks, Bitcoin has retained the price quite stably and even briefly reached $41,117 as shown in the graph by CoinGecko.
In other news, it has been reported that MicroStrategy completed a $500 million debt offering to purchase more BTC. A few hours after sharing this news, the company filed an SEC report, which hinted that the company might sell around $1 billion worth of its stock to further invest in BTC.
Michael Saylor, CEO of MicroStrategy, tweeted:
Interesting and innovative developments are expected for Bitcoin, with an increase in its price and investment of major companies in the digital asset. This is expected to catch the eye of more and more people interested in moving towards crypto, which is beneficial for the overall market.
Also read: Bitcoin Rallying As Predicted. Watch This Level!
Details of MicroStrategy’s Offering You Should Know
MicroStrategy reportedly invested great amounts in BTC even when its price was low, as many speculate the company recognizes the true value of the digital asset. After purchasing large amounts of Bitcoin, it is now disclosed by the company that it might invest more funds in it.
MicroStrategy plans to make a stock offering and use any profits that are generated for several reasons. This is also likely to include obtaining more Bitcoin. The details of the company’s stock offerings are included in the S-3 filing, which was published yesterday.
It stated:
“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement. We have not determined the amount of net proceeds to be used specifically for any particular purpose. As a result, management will retain broad discretion over the allocation of the net proceeds of any offering.”
At the moment, MicroStrategy holds over 92,000 BTC, which is a total of approximately $3.7 billion.
Can This Give a Boost to BTC’s Price?
The increase in BTC’s price noticed since yesterday has certainly given a boost to potential and novice investors and enthusiasts. News update such as MicroStrategy’s investment in the flagship crypto has also had a positive impact on the digital asset.
More and more companies and individuals have been recognizing the value and utility of the top crypto asset. Many Bitcoin Whales were even seen to accumulate large amounts of BTC, after the major price correction in May.
However, whether the new development by MicroStrategy will push BTC’s price further up the ladder or not is a question that is yet to be answered.
Therefore, if you have been interested in buying Bitcoin then you can use secure exchanges to purchase the crypto easily and conveniently.
On the other hand, if you are a crypto trader, you can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $1610 bonus. (Bonus may vary based on deposit amount)
