Verily, From Junk Unto Junk Shall Ye Passeth: MicroStrategy Buys 13,000 Bitcoin Using Proceeds From First Ever Crypto Junk Bond

Two weeks after Microstrategy announced that it was selling the first ever batch of $400 million in (subsequently upsized to $500 million) junk bonds (6.125% coupon due 2028; by comparison, the average junk bond yields just about 4%) for the sole purpose of buying bitcoin, earlier today MSTR CEO Michael Saylor confirmed that the transaction had been consummated with the company buying 13,005 bitcoin at an average price of $37,617 for a total of $489 million.