MicroStrategy upsizes latest stock sale to $700M to buy more Bitcoin
MicroStrategy upsizes its convertible senior notes offering to $700 million, earmarking proceeds for Bitcoin purchases and corporate purposes.
American software technology firm MicroStrategy has announced the pricing of a new $700-million debt offering due in 2032, which it will use to purchase more Bitcoin.
According to an official press release, the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The offering has been upsized from the previously announced $500-million aggregate principal amount.
The company will use a portion of the proceeds to continue adding more Bitcoin (BTC) to its corporate treasury. MicroStrategy has acquired 214,400 BTC, with an estimated value of $14 billion to date, according to the latest data submitted in its Q1 2024 financial results.
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Author: Josh O'Sullivan
