MicroStrategy has announced an increase in its convertible note offering to $875 million, intending to use the funds to pay off existing debt and acquire more Bitcoin. It marks another bold move by the company, which is known for its aggressive Bitcoin acquisition strategy.
The raised funds will help MicroStrategy redeem $500 million of its current senior secured notes due in 2028, with the remaining amount allocated for purchasing additional Bitcoin and general corporate purposes. The company’s total reserves now hold approximately 244,800 BTC, bought at an average price of around $38,585 per Bitcoin.
These convertible notes, set to mature in 2028, will be offered to qualified institutional investors, with holders given the option to convert them into cash, shares of MicroStrategy’s Class A stock, or a combination of both.
The Swiss stock exchange, SIX, is considering launching a cryptocurrency trading platform in Europe to tap into a market traditionally dominated by Binance, OKX, and Coinbase. The move aims to attract large institutional investors, using Switzerland’s progressive crypto regulations as a selling point. Bjørn Sibbern, the global head of exchanges at SIX, noted that crypto is increasingly recognised as a legitimate asset class. The platform would likely support crypto and derivatives trading, targeting institutional players such as asset managers.
While other traditional finance firms like Deutsche Boerse and Standard Chartered have ventured into crypto, many have hesitated due to unclear regulations. Despite this, Switzerland has positioned itself as one of Europe’s most crypto-friendly nations, with robust laws governing crypto trading, asset custody, and token classification.
SIX already operates AsiaNext, a crypto derivatives venture in Singapore, and is now exploring whether a similar platform could succeed in Europe. Though the initiative is still in consideration, it could mark a significant expansion for SIX, which already runs a digital exchange and has seen success with digital bonds since 2018.
A new bill introduced by US Representative John Rose aims to foster cooperation between two major financial regulators, the SEC and CFTC, in overseeing the cryptocurrency industry. The ‘Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets’ Act (BRIDGE Act) seeks to create a Joint Advisory Committee to draw expertise from agencies and private crypto industry professionals. The committee would meet twice yearly to help shape a regulatory framework that encourages innovation without compromising investor safety.
Representative Rose criticised the current enforcement-driven approach, which he believes has stifled innovation. Instead, he advocates for a more collaborative effort between regulators and private stakeholders to explore how blockchain technology can enhance traditional financial sectors. His proposal includes appointing 20 industry experts to the advisory committee, serving two-year terms.
The latest legislative move is part of a broader effort by US lawmakers to clarify how digital assets should be regulated. The SEC and CFTC have historically clashed over whether cryptocurrencies like Ethereum should be classified as securities or commodities, leading to ongoing legal disputes. While some crypto bills, like the Financial Innovation and Technology for the 21st Century Act, have faced opposition from the White House, negotiations on regulatory frameworks for digital assets are ongoing.
The framework ensures that America’s core democratic values are respected in the development of digital assets. It also lays out how the USA should achieve its objectives through international engagements with partners such as the G7 and G20, the Financial Stability Board (FSB), the Financial Action Task Force (FATF), the Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), multilateral banks, etc.
