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MicroStrategy Boosts Latest Debt-for-Bitcoin Offering to $900M
The firm has already bought 70,784 bitcoin, an amount now worth around $3.6 billion.
MicroStrategy has adjusted its latest planned convertible senior note sale to $900 million, adding $300 million to the novel debt issuance model it now semi-regularly employs in order to raise funds to, you guessed it, buy more bitcoin.
STORY CONTINUES BELOW
- The business intelligence company reaffirmed Wednesday that it intends to pour the net proceeds of this debt sale into bitcoin buys, perhaps its biggest single dollar-denominated allocation yet.
- MicroStrategy only yesterday announced the latest offering would seek to raise $600 million.
- MSTR's pro-bitcoin CEO, Michael Saylor, has mandated his company follow two distinct business models: 1) develop business intelligence software, 2) buy more bitcoin.
- The firm has bought 70,784 bitcoin so far, an amount now worth around $3.6 billion. It projects the net proceeds of this sale to come in around $879 million.
See also: MicroStrategy Begins Hiring for Bitcoin Data Product
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
