Digital Assets: MicroStrategy Raises $1B; BTC Hits New High; BTC’s Market Cap Over $1T
Good news all around for bitcoin (BTC), the leading cryptocurrency.
MicroStrategy (NASDAQ: MSTR), the business information company that has recently become a cheerleader for corporate investing in bitcoin, announced today the closing of its offering of 0% convertible senior notes, due 2027, of an aggregate principal amount of $1.05 billion. The company said it will use the proceeds, which the markets are describing as “free money,” to buy additional bitcoin. (MicroStrategy)
MicroStrategy Launches Bitcoin in a torrid uptrend
The company’s announcement came on a day when BTC ratcheted up a new all-time high price of $54,556.59, as at the time of writing.
BTC’s returns are as follows:
5 Day 14.19%
1 Month 63.72%
3 Month 193.99%
1 Year 465.22%
After MicroStrategy news, Bitcoin market cap at new high
According to Bitcoin.com, bitcoin’s market capitalization crossed the $1 trillion zone after the price per coin surpassed $53,650 per unit.
The record trillion-dollar valuation comes 145 months after the launch of the Bitcoin network on January 3, 2009.
In comparison, it took Apple Inc. (NASDAQ: AAPL) around 504 months to get to a $1 trillion market valuation, but only 26 months to double that to $2 trillion.
Bitcoin supporters therefore argue that BTC could also double its cap to $2T in a much shorter time span.
Today’s also the first trading day of the first North American ETF
According to Bloomberg, the Purpose Bitcoin ETF, which debuted for trading in Toronto today, got off to a roaring start.
Investors traded $165 million of the ETF’s shares, claimed to be North America’s first bitcoin ETF.
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