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MicroStrategy Expands Bitcoin Holdings with $786M Acquisition, Completes Notes Offering

Published 06/21/2024, 03:42 AM
Updated 06/21/2024, 04:15 AM
© Reuters. MicroStrategy Expands Bitcoin Holdings with $786M Acquisition, Completes Notes Offering
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  • MicroStrategy raises $800M via convertible notes to expand Bitcoin holdings, acquiring 11,931 BTC at $36,798 each.

  • Convertible notes mature in 2032 with a 2.25% interest rate, offering conversion to cash or stock at $2,043.32 a share.

  • The financing move aligns with MicroStrategy’s strategy to boost liquidity and strengthen its Bitcoin treasury.

MicroStrategy closed an $800 million offering of convertible senior notes to qualified institutional buyers. The notes, maturing in 2032, carry a 2.25% annual interest rate and are payable semi-annually starting December 15, 2024.

MicroStrategy exercised an option to issue an additional $100 million in notes, which were fully purchased by initial buyers. This transaction aligns with the company’s strategy to strengthen its financial position and fund further investments.

In the most recent update, Michael Saylor announced that MicroStrategy acquired an additional 11,931 bitcoins for approximately $786.0 million. The company used proc…

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