Microstrategy lifts bond offering size to $500M - Bloomberg

According to Bloomberg, Microstrategy (MSTR) is lifting the size of its junk bond offering to $500M from $400M. Proceeds will be used to buy bitcoin (BTC-USD), making this the first-ever junk bond deal for the purposes of purchasing the popular crypto.Bitcoin aside, the expected yield for the seven-year paper of 6.125%-6.25% is positively mountainous compared to the current 1.24% for seven-year Treasury paper. Investors would likely be clamoring to get a piece of the deal even if Microstrategy was buying pet rocks with the money.Bitcoin is off its lowest levels of the session, but still under serious pressure at $32K. Microstrategy is down 3.9% today.Earlier, the IRS asked Congress for more authority to look into citizens' crypto investments.