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MicroStrategy Plans $400M Raise; Net Proceeds Will Fund More Bitcoin Buys
MicroStrategy is turning to investors to fund up to $400 million more in bitcoin purchases.
MicroStrategy said Monday it plans to sell up to $400 million in a convertible senior notes offering that will likely fund yet more bitcoin allocations.
STORY CONTINUES BELOW
- The business intelligence company said in a press release it will "invest the net proceeds from the sale in bitcoin in accordance with its Treasury Reserve" after first making way for business expenses.
- Only "qualified institutional buyers" will be permitted to buy the interest-bearing notes, which mature in five years. MicroStrategy can convert the notes into cash, class A shares or a combination of the two starting in December 2023.
- Last week, Chief Executive Michael Saylor expanded MicroStrategy's bitcoin treasury reserve to 40,824 bitcoins.
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.
