Bitcoin, the largest cryptocurrency by market cap, has continued its rally since the start of the week, breaking above $63,000. Bitcoin reached a high of $63,526 in Thursday’s session, marking its third straight day of gains since September.
As usual, Michael Saylor, the chairman and co-founder of MicroStrategy, has reacted to this bullish Bitcoin rally. In a recent tweet, Saylor made a playful but poignant statement: “Eat a Bitcoin Burger.”
While this tweet may be lighthearted, it does underscore Saylor’s unwavering support for Bitcoin. Under Saylor’s leadership, MicroStrategy has become one of the largest institutions holding Bitcoin, with over 244,800 BTC in its reserves.
MicroStrategy yesterday announced the pricing of its convertible notes offering. On September 16, 2024, the company issued a redemption notice for the notes, with the secured notes set to be redeemed on September 26, 2024.
MicroStrategy estimates that the net proceeds from the bond sale will be approximately $864.1 million. It said in a press release that it intends to use the net proceeds to redeem all of MicroStrategy’s 6.125% senior secured bonds due in 2028, and that any remaining proceeds will be used to purchase additional bitcoin and for general corporate purposes.
Bitcoin surpasses $63,000
The Federal Reserve cut borrowing costs by 50 basis points, its first cut in more than four years. As a result, Bitcoin hit a three-week high, hitting $63,526 in today’s trading session.
At the time of writing, Bitcoin is up 5.37% over the past 24 hours to $63,198, and up 9.37% this week.
Optimism among Wall Street traders, who expect the Federal Reserve to be able to implement a “soft landing,” has spurred a rally in riskier sectors of the market, with stocks hitting all-time highs.
With Bitcoin crossing the $63,000 mark, all eyes are on the cryptocurrency to see if it can maintain this upward momentum and challenge its previous highs of around $74,000 in mid-March.
