The latest bond from MicroStrategy to fund the company’s purchase of Bitcoin is now worth less than its face value, as the value of cryptocurrency continues to go down. Prices dropped by almost three points on the bond, as more than 13,000 Bitcoin were purchased.
Earlier this week, the price of the bond was 97.75 cents to the dollar, which is down from 100.62 last week. Yields were sitting at above 6%. The bond is due in 2028, and in the meantime, another software company based in Virginia is trading its bond with less value than it was worth last week too.
If Bitcoin stays at above $32,000, the company will need to account for $64 million for its recent purchase of Bitcoin. MicroStrategy has more than 100,000 Bitcoin last time it was counted. MicroStrategy’s stock has also decreased in value.