MicroStrategy Offers $500 Million Senior Convertible Bonds to Buy More Bitcoin

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According to Blockworks, MicroStrategy announced a proposed offering of $500 million of senior convertible bonds maturing in 2031, with the intention of using the funds to acquire more bitcoins and for general security purposes. 'business. The Company also plans to grant the initial purchasers of the Notes an option to purchase an additional $75 million aggregate principal amount within 13 days of the date of initial issuance of the Notes.

The sale will be offered exclusively to institutional investors. This announcement comes shortly after MicroStrategy proposed an initial offering of convertible notes worth $600 million, which was later increased to $700 million. The previous offering of convertible notes closed on March 8. On Monday, the company announced the closing of an $800 million offering of 0.625% convertible senior notes due 2030.

Earlier this week, MicroStrategy revealed that it purchased an additional 12,000 bitcoins for $821 million between February 26 and March 10. The company currently holds around 205,000 bitcoins. MicroStrategy stock was down slightly after hours Wednesday, hovering around $1,735 per share. Over the past year, the stock is up 676%, and in the last five days alone, it's soared 41%.