Software firm MicroStrategy announced Monday that it plans to offer a private sale of $600 million worth of convertible senior notes in order to purchase more Bitcoin and boost its BTC holdings even further, along with other corporate expenses.
MicroStrategy holds the most Bitcoin of any public company, with 193,000 BTC—totaling more than $13 billion worth following Bitcoin’s recent price surge. The company’s stock has been surging lately as Bitcoin approaches its all-time high price from 2021.
According to MicroStrategy’s press release, the company plans to offer “$600 million aggregate principal amount of convertible senior notes” due in 2030 to qualified investors, with the potential for another $90 million worth of notes on top of that tally.
MicroStrategy founder Michael Saylor is an outspoken Bitcoin aficionado, and the company began its Bitcoin buying campaign in 2020 as the price of the asset was rising. The company has held fast to that scheme even amid the bear market, and has seen its stock price climb lately as the value of its Bitcoin stash grows.
The company paid about $6.1 billion in total for its Bitcoin, which means that the value of its holdings has more than doubled.
Editor’s note: This story was updated with additional details after publication.
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Source: https://decrypt.co/220141/microstrategy-raise-600-million-buy-even-more-bitcoin
