Proceeds from the sale will be used primarily to buy more Bitcoin, according to a company press release, as well as for “general corporate purposes.” MicroStrategy is the world’s largest corporate Bitcoin holder, with 214,400 BTC worth over $14 billion on its balance sheet.
Specifics of the offering, including the interest rate and conversion terms, will be determined closer to the sale date, with MicroStrategy noting it “expects that the reference price used to calculate the initial conversion price for the notes will be the U.S. composite volume weighted average price of MicroStrategy’s class A common stock from 9:30 am through 4:00 pm EDT on the date of pricing.”
Paradigm Raises $850 Million to Bolster Early-Stage Crypto Ventures
Cryptocurrency venture capital firm Paradigm has announced the closing of its third fund, securing $850 million to invest in early-stage crypto projects.
In a blog post unveiling the new fund, co-founder Matt Huang underscored the team’s strengthened conviction, stating that “crypto is now a main character on the world’s political stage.”
The conviction reflects the growing prominence of crypto regulation in the upcoming U.S. presidential election and the looming June 30th deadline for Europe’s MiCA stablecoin framework.
Paradigm has a successful track record in early-stage investments as the firm participated in the seed round for decentralized exchange Uniswap and spearheaded the Series B round for Flashbots last year.
Paradigm’s prior fund, launched in November 2021, secured a staggering $2.5 billion. However, the firm’s investment history hasn’t been without blemishes, as it famously invested $278 million in collapsed cryptocurrency exchange FTX.
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