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Michael Saylor's MicroStrategy to Raise $600M to Buy More Bitcoin
Taking advantage of a massive run-up in the stock, the company is looking to add to its 193,000 bitcoin stack.
Updated Mar 9, 2024, 1:42 a.m. Published Mar 5, 2024, 2:37 p.m.
MicroStrategy (MSTR) Tuesday evening announced plans to raise $600 million by selling convertible debt in a private offering, with intentions of using the funds to buy acquire more bitcoin .
Helmed by its founder, former CEO and now Executive Chairman Michael Saylor, the company has been a relentless accumulator of bitcoin since mid-2020. At last check, MicroStrategy held 193,000 tokens worth more than $13 billion at the current price of $67,500.
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"MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes," the company said in a press release.
MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes $MSTR https://t.co/PEN5dxesIb
— Michael Saylor⚡️ (@saylor) March 4, 2024
In issuing the convertible paper, MicroStrategy is taking advantage of a major run-up in its stock price, the shares having nearly doubled in 2024, including a 24% advance in yesterday's market action. MSTR is lower by 6% in early trading on Tuesday.
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