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Verily, From Junk Unto Junk Shall Ye Passeth: MicroStrategy Buys 13,000 Bitcoin Using Proceeds From First Ever Crypto Junk Bond

Summary:
Two weeks after Microstrategy announced that it was selling the first ever batch of 0 million in (subsequently upsized to 0 million) junk bonds (6.125% coupon due 2028; by comparison, the average junk bond yields just about 4%) for the sole purpose of buying bitcoin, earlier today MSTR CEO Michael Saylor confirmed that the transaction had been consummated with the company buying 13,005 bitcoin at an average price of ,617 for a total of 9 million. https://www.zerohedge.com/crypto/microstrategy-buys-13005-bitcoin-37617-using-proceeds-first-ever-crypto-junk-bond

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Two weeks after Microstrategy announced that it was selling the first ever batch of $400 million in (subsequently upsized to $500 million) junk bonds (6.125% coupon due 2028; by comparison, the average junk bond yields just about 4%) for the sole purpose of buying bitcoin, earlier today MSTR CEO Michael Saylor confirmed that the transaction had been consummated with the company buying 13,005 bitcoin at an average price of $37,617 for a total of $489 million.

https://www.zerohedge.com/crypto/microstrategy-buys-13005-bitcoin-37617-using-proceeds-first-ever-crypto-junk-bond

David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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