MicroStrategy is proposing to issue $500 million in convertible bonds to purchase additional Bitcoin.

MicroStrategy (MSTR) on Thursday announced its intention to issue a total of $500 million worth of convertible bonds due in 2032. The company plans to use the money from these bonds to buy more #Bitcoin (BTC) and other business-related expenses.

The bond offering will depend on the condition of the financial market and there can be no assurance as to when it will occur or the specific details of the offering.

"MicroStrategy also plans to grant the initial purchasers of these bonds an option to purchase up to an additional $75 million of these bonds. This option will be exercisable within a period of 13 days from the date of issuance of the bonds," it said.

MicroStrategy may elect to repurchase some or all of these notes for cash beginning June 20, 2029, but only if certain criteria are met. This private security offering will be open only to certain purchasers who are qualified institutional investors under Rule 144A of the Securities Act of 1933.

MicroStrategy currently holds 214,400 #BTC with a market cap of over $14 billion. This makes it the public company with the largest Bitcoin holdings. MSTR's stock price fell 1.5% in the pre-opening hours of the stock market.

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