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MicroStrategy Boosts Latest Debt-for-Bitcoin Offering to $900M
The firm has already bought 70,784 bitcoin, an amount now worth around $3.6 billion.
By Danny Nelson
Updated May 9, 2023, 3:16 a.m. Published Feb 17, 2021, 1:06 p.m.
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MicroStrategy has adjusted its latest planned convertible senior note sale to $900 million, adding $300 million to the novel debt issuance model it now semi-regularly employs in order to raise funds to, you guessed it, buy more bitcoin.
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- The business intelligence company reaffirmed Wednesday that it intends to pour the net proceeds of this debt sale into bitcoin buys, perhaps its biggest single dollar-denominated allocation yet.
- MicroStrategy only yesterday announced the latest offering would seek to raise $600 million.
- MSTR's pro-bitcoin CEO, Michael Saylor, has mandated his company follow two distinct business models: 1) develop business intelligence software, 2) buy more bitcoin.
- The firm has bought 70,784 bitcoin so far, an amount now worth around $3.6 billion. It projects the net proceeds of this sale to come in around $879 million.
See also: MicroStrategy Begins Hiring for Bitcoin Data Product
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