Michael Saylor's MicroStrategy Raising Another $500M to Buy More Bitcoin

The debt offering comes just days after the company closed on an $800 million capital raise, also with proceeds used to buy bitcoin.

By Stephen Alpher

Updated Mar 14, 2024 at 2:24 a.m.

Michael Saylor, executive chairman of MicroStrategy (Michael.com)

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Now billing itself as a Bitcoin Development Company, MicroStrategy (MSTR) Wednesday afternoon filed to raise $500 million in a convertible debt offering, with intentions to use the proceeds to purchase more bitcoin (BTC), according to a press release.

The company only days ago closed on an $800 convertible debt raise (upsized from an originally planned $600 million), with those proceeds plus some dollars already in the bank used to acquire another 12,000 bitcoin for $821.7 million.