MicroStrategy Plans $400M Expand; Catch Proceeds Will Fund Extra Bitcoin Buys
MicroStrategy acknowledged Monday it plans to promote up to $400 million in a convertible senior notes offering that can doubtless fund yet more bitcoin allocations.
- The enterprise intelligence firm acknowledged in a direct this would possibly possibly perhaps perhaps “invest the salvage proceeds from the sale in bitcoin essentially based fully on its Treasury Reserve” after first making manner for enterprise charges.
- Completely “safe institutional investors” will be approved to rob the curiosity-bearing notes, which outmoded in 5 years. MicroStrategy can convert the notes into cash, class A shares or a combination of the two starting in December 2023.
- Final week, Chief Executive Michael Saylor expanded MicroStrategy’s bitcoin treasury reserve to 40,824 bitcoins.