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MicroStrategy Files to Offer $600M in Notes in Order to Buy Yet More Bitcoin
The business intelligence firm said it expects to grant initial purchasers of the notes an option to buy an additional $90 million, making the total potential offering $690 million.
MicroStrategy, a business intelligence firm best known for the cryptocurrency it buys rather than for any product it sells, is planning to purchase even more bitcoin.
Story continues
- Microstrategy on Tuesday said it intends to offer $600 million aggregate principal amount of convertible senior notes due 2027.
- The once-obscure firm, which jumped into the headlines last August for using treasury funds to buy bitcoin and has since loaded up on the leading cryptocurrency to the point its holdings are worth more than $3.5 billion, said it intends to use the net proceeds from the note sale to buy even more.
- The Nasdaq-listed company said it expects to grant initial purchasers of the notes an option to buy an additional $90 million, making the total potential offering $690 million.
- MSTR was trading down nearly 5% during early trading hours Tuesday.
This is a developing story and will be updated.
Read more: MicroStrategy Splurges Another $650M on Latest Bitcoin Investment
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
