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MicroStrategy Upsizes Convertible Debt Offering to $700M to Buy Even More Bitcoin
The company's convertible debt offering will have a conversion price at 42.5% premium to last close.
Updated Mar 8, 2024, 10:46 p.m. Published Mar 6, 2024, 4:57 p.m.
- MicroStrategy upsized its convertible debt offering to $700 million from $600 million to buy bitcoin.
- The conversion price of the notes represents 42.5% premium to March 5 close.
MicroStrategy (MSTR) has upsized its convertible debt offering to $700 million from $600 million to buy more bitcoin .
The Tysons Corner, Virginia-based firm, founded by staunch bitcoin advocate Michael Saylor, is now looking to raise $700 million through the sale of convertible seniors notes at an interest rate of 0.625% per annum, MicroStrategy said in a statement on Wednesday.
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The firm also announced the pricing of its convertible debt. The conversion rate for the notes will initially be equivalent to $1,497.68 per share, representing a 42.5% premium compared to Tuesday's closing price of $1,051.01.
MicroStrategy's stockpile of around 193,000 BTC - worth around $13 billion at the current price - is the largest of any publicly traded companies, having been a relentless bitcoin accumulator for several years.
The shares of MicroStrategy were trading around $1,227.02 at the time of writing, up nearly 17% on the day. The stock fell a similar amount on Tuesday as bitcoin price dipped below $64,000 after attaining a new all-time high above $69,000.
Read More: MicroStrategy’s X Account Hacked, Leads to $440K Crypto Being Stolen: Blockchain Sleuth ZachXBT
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