MicroStrategy has announced its plans to raise $700 million via a private offering of convertible senior notes.
The move comes following MicroStrategy’s recent acquisition of $1.11 billion in Bitcoin.
The firm plans to allocate the funds to repay $500 million in outstanding senior secured notes and acquire additional BTC.
MicroStrategy, a major Bitcoin holder, has announced plans to raise $700 million through a private offering of convertible senior notes due in 2028. This move comes close on the heels of MicroStrategy’s Bitcoin acquisition worth $1.11 billion earlier.
This marks MicroStrategy’s third debt offering in 2024, aimed at expanding its Bitcoin holdings and refinancing existing debt. According to a press release, the funds will be used to repay $500 million in outstanding senior secured notes and acquire more Bitcoin, aligning with the company’s strategy of increasing its Bitcoin portfolio. The remaining funds will be used for general corporate purposes.
The proposed notes will be unsecured and will accrue interest, payable semi-annually starting March 15, 2025. They mature on September 15, 2028, unless converted or repurchased earlier.
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