On June 7, enterprise analytics and software solutions entity MicroStrategy revealed starting to receive $400 M via a private offering of senior secured notes. The goal is to use the net income from the sale to increase its Bitcoin holdings.
In the published paper, the firm also informed about two new entities - MicroStrategy Services Corporation and MacroStrategy LLC.
The first subsidiary will supervise the process, guarantee the new notes if released, and secure them with BTC that it would obtain. There may be founded or acquired some other subsidiaries when the offering is over.
MacroStrategy LLC will store the current BTCs, the number of which is about 92,079.The notes will be backed by MicroStrategy's present assets and any BTC that will be added via the notes' gains, except for the company's current bitcoin.
Today MicroStrategy also filed a document with the US SEC disclosing to incur an impairment loss of at a minimum $284.5 M concerning its BTC for the 3 months, the end of which is June 30, 2021. The loss is the result of Bitcoin's price significant decline. It is around 46% down from its all-time high of $64.800 reached on April 14. The coin's market cap stands at over $615.5 B.