Bitcoin Buyer MicroStrategy to Change Fundraising Strategy
MicroStrategy co-founder Michael Saylor recently told Bloomberg that the company would overhaul its fundraising strategy to add more “intelligent” leverage.
As reported by U.Today, MicroStrategy announced plans to raise a total of $42 billion over the course of three years in October.
However, the business intelligence firm is now way ahead of its fundraising target.
“When we announced that, it wasn’t clear how enthusiastic the capital markets would be, but we got a very enthusiastic reception…We went faster than we had thought we were going to go on Oct. 30,” he said.
Saylor said that the company would continue raising capital primarily through fixed-income markets.
Once MicroStrategy reaches its fundraising goal, it will revisit its capital plan. According to Saylor, the company will put in place a new plan “subject to market conditions at the time.”
“We’re always considering is that the convertible market? Is it the fixed-income market, or is it the equity market we want to go to? And that’s going to change from time to time. I expect that that mix will shift more heavily toward fixed income markets and Q1 as we go forward,” Saylor said.
Right now, Saylor says, the company is getting more deleveraged, and he would like to get more leverage.
As reported by U.Today, MicroStrategy was recently added to the tech-heavy Nasdaq-100 index in a major win for the company. “We have a very healthy software division now and and we’re very proud of it. And I did create it. But we also we think of ourselves primarily as a Bitcoin Treasury company now,” he added.
