MicroStrategy increases senior convertible bond offering to $2.6 billion to acquire more bitcoin

MicroStrategy, the business intelligence firm and corporate holder of bitcoins, has increased its latest offering of senior convertible bonds to $2.6 billion from the $1.75 billion previously announced.

The company intends to use the net proceeds from the offering to "acquire additional bitcoins and for general corporate purposes".

Subject to market conditions and other factors, the bonds, maturing in 2029, will be issued in a private offering to qualified institutional buyers, the company said in a statement. They are not guaranteed, bear an interest rate of 0%, and are convertible into cash, Class A common stock of MicroStrategy, or both, at the company’s option.

MicroStrategy also provided initial purchasers of the notes with a three-day option, starting from the issuance date, to purchase up to an additional $400 million in total principal amount of the notes; the offering is expected to close on November 21.

MicroStrategy estimates that the net proceeds from the sale of the notes will generate approximately $2.58 billion after expenses, or $2.97 billion if the initial purchasers exercise their full option to purchase additional notes.

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