MicroStrategy triples down on bitcoin

MicroStrategy triples down on bitcoin

We have been forced to write about MicroStrategy and its yachtophile CEO Michael Saylor a few times lately. For those not in the know, that's the company that decided to invest billions of real dollars into strings of 1s and 0s and turn its equity into a HODL proxy. You might recall Mr Saylor was part of this recent dramatic and monochromatic call to arms alongside bitcoin televangelist Max Keiser, which we still can't quite shake and so are posting again:

Last Monday, we brought you the news that the software company-turned crypto hoarder had announced it was raising $400m of senior secured debt to add to its stash of 92,079 bitcoins (about $3.7bn at this particular nanosecond's prices).

The announcement neatly coincided with another rather less happy one: that the company also expected to incur an impairment loss "of at least $284.5m related to its bitcoin for the three months ending June 30, 2021“.

But Michael Saylor isn't the kind of man who would let the loss of 78 per cent of his equity base get to him. Oh no “” MicroStrategy is now tripling down.

Late on Monday the company announced “” using a so-called "shelf registration“ process, which allows issuers to offer and