Allianz Insurance Buys Nearly 25% Of MicroStrategys Bonds

German insurance behemoth Allianz Insurance purchases nearly 25% of MicroStrategy’s convertible note offerings valid until 2031.

Europe’s second largest insurance company now holds a quarter of MicroStrategy’s bonds from their previous convertible note sales. The notes held by Allianz are worth around $750 million.

cThe insurance company bought out 24.75% of MicroStrategy’s 2031 convertible note offerings which were sold for $3 billion during a three-day private offering for institutional buyers.

According to the data on Bloomberg’s page, Allianz stands as the top buyer of MicroStrategy’s convertible note offerings, beating out other big institutions such as Calamos Investments, Context Capital Management, State Street, Fidelity Investments and BlackRock.

According to data from TradingView, MicroStrategy’s stocks went down by more than 16% to a price of $419 in the past 24 hours. Though this may be the case, the stock has gone up by 18.03% in the past five days, 83% in the past month and 473% on its year-to-date.

After the surge, the MicroStrategy stock was dubbed the “most traded stock in America.”

Many traders on X see Allianz Insurance’s bulk buy of MicroStrategy bonds as a positive sign that indicates the insurance company is supporting Michael Saylor’s strategy to buy more Bitcoin, apart from putting faith in the software company as a whole.

This is in large part due to MicroStrategy’s declaration that the sales garnered from their recent convertible notes offering will be used to buy more Bitcoin(BTC).

“Allianz forking over nearly a billion dollars to Michael Saylor to smash buy Bitcoin was certainly not on my 2024 bingo card,” said one X user.

“This is the only way an insurance company can get BTC exposure , as they are not allow to buy security or BTC directly,” said another user.

MicroStrategy holds the title of largest corporate Bitcoin holder. Its most recent purchase of 51,780 BTC brough the company’s Bitcoin holdings to 331,200 BTC or worth more than $32.6 billion following Bitcoin’s recent surge past $99,000.