Odaily Planet Daily News MicroStrategy co-founder and chairman Michael Saylor stated that once the current fundraising plan is exhausted, the company will shift from a leveraged Bitcoin proxy program to a greater focus on fixed income securities to raise funds for purchasing cryptocurrencies. When asked how he expects to fund future cryptocurrency purchases, Saylor expressed this preference during an interview. So far, MicroStrategy has adopted a combination of new stock and convertible bond sales to fund purchases, the latter of which has yielded returns for shareholders as its stock price has risen to a level that can convert to shares. Saylor said, 'We have $7.2 billion in convertible bonds, but $4 billion of that is essentially equity, and they trade through exercise prices and call prices, with a delta of about 100%, looking like equity. We want to go back and build smarter leverage to benefit our common shareholders.' He stated that the company uses regulated exchanges like Coinbase to buy Bitcoin. MicroStrategy's stock price has risen about 500% this year, far exceeding Bitcoin's approximately 150% increase. Hedge funds have been looking for its fixed income securities to implement convertible arbitrage strategies — buying bonds and shorting stocks, essentially betting on the volatility of the underlying stock. This demand has driven MicroStrategy to issue $6.2 billion in convertible bonds this year. (Bloomberg)