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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.
By Danny Nelson
Updated Sep 14, 2021, 10:39 a.m. Published Dec 7, 2020, 9:15 p.m.
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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.
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- 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.
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