MicroStrategy increases the size of its bond issuance to $2.6 billion to buy Bitcoin, reinforcing the belief that BTC can reach $100,000.
As the world's largest holder of Bitcoin, MicroStrategy plans to raise $2.6 billion from high-quality convertible bonds with a 0% interest rate to buy more BTC.
According to the announcement on November 20, the size of the issuance has been increased from the initial planned level of $1.75 billion. The issuance is aimed at "qualified institutional investors" and is expected to be completed by November 21, subject to the completion of the transaction.
This fundraising could support the price of Bitcoin to reach $100,000 for the first time. The information was released in the context of Bitcoin trading above $94,000, up more than 37% in the past month.
MicroStrategy expects to raise $2.58 billion, or up to $2.7 billion if investors buy the maximum additional bonds. The company said it will use this money to buy more Bitcoin and for general corporate purposes.
Experts, such as Ryan Lee from Bitget Research, believe that the price of Bitcoin could reach $100,000 by the end of the month. He commented:
"If history repeats itself and Bitcoin's price rises as forecast, an additional 14.7% increase from the current level will push the coin well above the $100,000 mark. The post-halving cycle is also showing a very positive trend."
Positive capital flows into Bitcoin ETFs are also supporting the price increase. Data from Farside Investors shows that on November 19, US-listed Bitcoin ETFs recorded net inflows of over $816 million.
In the trading week of November 11-15, these ETFs had their sixth consecutive week of positive net inflows, totaling over $1.67 billion.
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The article MicroStrategy sells more bonds worth $2.6 billion to buy Bitcoin first appeared on CoinMoi.
