1 minuti di letturaIn the last few weeks, Bitcoin has been closely moving in tandem with the US dollar.
Discussions about Bitcoin becoming a strategic reserve asset in the US have fuelled debates on the increased link between these assets. Although there have been periods of positive correlation between both assets, historically it has been mostly negative. This is likely to persist as Bitcoin continues to compete with the USD from a fundamental and store of value perspective.
On the corporate front, MicroStrategy’s Michael Saylor continues to make headlines. His unwavering Bitcoin strategy persists, with a purchase of almost 52,000 bitcoin this week alone, or 4.6 billion dollars. To fund these acquisitions, MicroStrategy has been issuing several convertible bonds, with the latest being an oversubscribed 2.6 billion dollar convertible issue at zero coupon, preserving its legacy business from cash flow pressures.
Other firms are also joining the convertible bond frenzy, including Mara Holdings, who raised 850 million dollars also at zero coupon, and Galaxy Digital, who issued 300 million dollars to fund its Texas data centre expansion.
