American business intelligence and software development company, has unveiled new plans to acquire an additional Bitcoin, further bolstering its already
MicroStrategy Mega Bitcoin Purchase In The Works
In a recent published on MicroStrategy’s official website, the software development company announced plans to raise $500 million in convertible debt offerings to purchase more Bitcoin. Just a few days ago the company had sold approximately $800 million in convertible debt offerings, using the proceeds of the sale to acquire about 12,000 BTC valued at about $821.7 million at the time.
Quite frankly, MicroStrategy seems to be on a potentially attributed to the cryptocurrency’s massive bullish rallies recently and its surge to new all-time highs. As of March 11, 2024, the business intelligence firm possesses a , worth over $15 billion based on CoinMarketCap’s Bitcoin price of $73,411, at the time of writing.
With its latest purchase of 12,000 BTC, MicroStrategy has finally surpassed the . Additionally, the software development company has as the leading public company with the largest Bitcoin holdings, surpassing the holdings of both Tesla and Coinbase.
As of March 2024, MicroStrategy’s market capitalization has to $29.96 billion, reflecting an increase of 10.85% in the last 24 hours. The company is also presently ranked as the world’s 642nd most valuable company by market capitalization.
MicroStrategy Sets Sights On Convertible Senior Notes Offerings
Since the start of the year, MicroStrategy has purchased nearly 16,000 BTC. This time around the company has chosen to raise capital through convertible senior notes, marking a shift from the previous year when most of its funds for acquiring BTC were generated from equity.
According to Market Watch’s , the business intelligence firm’s stock value has also been on the rise recently, with MSTR prices witnessing an impressive 145% increase in a month.
As stated in its press release, the company intends to sell convertible senior notes to qualified institutional buyers. MicroStrategy has revealed plans to grant early purchasers of the notes an option to buy up to an additional $75 million worth of the notes within 13 days after the initial issuance.
The software development firm has disclosed that the notes will remain unsecured, with interests payable semi-annually starting in September 2024. Additionally, will have the right to redeem the notes from March 2028 or holders can request for the company to make a repurchase, with conversion terms determined at the offering’s prices.
The proceeds and excess funds generated from its upcoming $500 million convertible senior notes sale will be used to and for general corporate purposes.
BTC price falls to $72,700 | Source: