MicroStrategy Raises $1.01B to Fuel Bitcoin Purchases and Debt Repayment

MicroStrategy has successfully raised $1.01 billion through a convertible senior note offering, continuing its bold strategy of acquiring Bitcoin. Led by Michael Saylor, the company plans to use the proceeds primarily to purchase more Bitcoin and redeem $500 million in secured notes, freeing up 69,080 BTC held as collateral. This latest funding round, completed on September 19, 2024, offers investors notes with a 0.625% interest rate, maturing in 2028, with an option to convert into cash or MicroStrategy stock.

As of September 2024, MicroStrategy holds 244,800 BTC, having purchased 18,300 BTC between August and September at an average price of $60,408 per coin. Saylor's aggressive Bitcoin acquisition strategy has yielded a 4.4% return for the quarter and 17% for the year, positioning the company as a major player in the cryptocurrency market.

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