Michael Saylor’s MicroStrategy To Raise $500 Million To Buy More Bitcoin

Michael Saylor’s MicroStrategy To Raise $500 Million To Buy More Bitcoin

MicroStrategy® Incorporated (Nasdaq: MSTR) has revealed plans to raise $500 million to buy more bitcoin through a private offering of convertible senior notes due 2031. The offering, subject to market conditions, targets qualified institutional buyers under Rule 144A of the Securities Act of 1933.

BREAKING: MicroStrategy to raise $500 million to buy more #Bitcoin pic.twitter.com/EU19xmKB2x

— Bitcoin Magazine (@BitcoinMagazine) March 13, 2024

The notes, unsecured and senior obligations of MicroStrategy, will bear semi-annual interest payable on March 15 and September 15, commencing September 15, 2024. Set to mature on March 15, 2031, the notes may be redeemed by MicroStrategy on or after March 22, 2028, subject to certain conditions.

Investors will have the option to convert the notes into cash, shares of MicroStrategy's class A common stock, or a combination thereof. Conversion before September 15, 2030, will occur based on specific events and periods, while after that date, conversion will be unrestricted until two days before the maturity date.

Proceeds from the offering will primarily fund the acquisition of additional bitcoin and support general corporate purposes, the announcement stated. The sale will be restricted to qualified institutional buyers under Rule 144A, with no registration under the Securities Act or other jurisdictional securities laws.

Just last week it was announced that MicroStrategy was raising more money to buy more bitcoin. Following that announcement, MicroStrategy acquired 12,000 BTC for $821.7 million this past Monday.

More News

Crypto Companies Fined $5.8 Billion In 202...

Watch Icon
Last updated

Source: Pixabay Crypto companies received more fines for poor money controls than traditional financial firms for the first time ever in 2023, according to data compiled by the Financial Times. In fact, the penalties were hardly comparable. Whereas crypto companies lost $5.8 billion for inadequate customer checks and anti-money laundering controls, their legacy counterparts paid The post Crypto Companies Fined $5.8 Billion In 2023, TradFi Less Than $900 Million appeared first on Cryptonews.

Coinbase: California Voters Favor Pro-Cryp...

Watch Icon
Last updated

California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections. Citing data from Morning Consult, a business intelligence firm, Coinbase revealed that approximately 27% of Californians, equivalent to around 8.2 million individuals, own digital assets. Moreover, 78% of crypto holders in the state believe that policymakers should support “new, The post Coinbase: California Voters Favor Pro-Crypto Candidates in 2024 Elections appeared first on Cryptonews.

Back to Top