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MicroStrategy's Bitcoin-Driven Offering Boosted to $650M After Notes Buyer Bought $100M More
MicroStrategy's debt raise resulted in an estimated $639 million for bitcoin purchases.
MicroStrategy announced Friday it raised $650 million, up from a recently boosted $550 million, in a convertible senior note sale designed to allow the business intelligence company to buy more bitcoin.
STORY CONTINUES BELOW
The company estimates $634.9 million of that sum – the net proceeds – will be available for bitcoin allocations in accordance with its treasury reserve policy.
The amount of the offering was boosted to $650 million from the $550 million announced on Wednesday after the purchaser of the notes exercised in full an option to buy up to an added $100 million of the convertible senior notes.
This story will be updated.
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.
