Olympian INU plans to allow web3 artists to access a platform to create and share art with collectors worldwide. Through its tokenomics, dynamic events, and roadmap for growth, Olympian INU aims to offer an exciting opportunity for creators and enthusiasts alike. In today's review, let us look at the project's features more closely. What Is Olympian INU? Olympian INU seeks to bring web3 artists to Arbitrum, creating a thriving NFT market for collectors and artists alike. By burning $OPI tokens…
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Microstrategy Launches $600 million Fundraiser To Buy Bitcoin
Leading Business intelligence firm Microstrategy has announced the private sale of $600 million in convertible notes to investors. The fundraising, according to Microstrategy, is to buy more bitcoins into its existing portfolio.
More Bitcoins for Microstrategy
Microstrategy revealed this development in a press release today on its website. As per the announcement, initial purchasers of the convertible notes will have an option to purchase within 13 days.
The notes will also be unsecured, and MicroStrategy will bear interest payable semi-annually in arrears starting from August 15, 2021. The convertible notes are expected to fully mature on February 15, 2027, unless earlier repurchased or converted according to the terms.
The primary purpose of the offering, according to Microstrategy, is to buy bitcoins. “MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins, the announcement said.
The business intelligence firm also noted that only qualified institutional buyers were eligible to buy the convertible notes. This is similar to prior convertible note offerings issued by the firm in 2020. Also, Microstrategy intends to hold on to bitcoin until 2022. “Subject to certain conditions, on or after February 20, 2024, MicroStrategy may redeem for cash all or a portion of the notes,” it says.
MicroStrategy is one of the biggest institutional holders of bitcoin and has over $71,000 bitcoin worth $3.5 billion. Once the funding is completed, MicroStrategy will add more bitcoins to its portfolio.
Bitcoin Crosses $50,000
Bitcoin hit a new all-time high of $50,341 buoyed by the news from Microstrategy on Tuesday, February 16, according to data from CoinMarketCap. The leading coin is currently on a roll, and several institutions have begun to accumulate BTC as part of their portfolio,
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$27.941
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Since Tesla announced the purchase of $1.5 billion worth of bitcoins six days ago, BTC’s price has witnessed an exponential increase. It has gone up by more than 23% from $39,000 to $50,000 within this period. Bitcoin is currently ranked 1st by market cap and has a market cap of $913 million as at press time.
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