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Home»BITCOIN NEWS»Michael Saylor’s MicroStrategy raises $500 million to buy more Bitcoin
BITCOIN NEWS

Michael Saylor’s MicroStrategy raises $500 million to buy more Bitcoin

By Crypto FlexsMarch 14, 20242 Mins Read
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Michael Saylor’s MicroStrategy raises 0 million to buy more Bitcoin
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MicroStrategy® Incorporated (Nasdaq: MSTR) revealed plans to raise $500 million through 2031 to buy more Bitcoin through a private offering of convertible senior notes. The offering is open to institutional buyers who qualify under Rule 144A of the Securities Act, subject to market conditions. 1933.

Breaking News: MicroStrategy raises $500 million for additional purchases #Bitcoin pic.twitter.com/EU19xmKB2x

— Bitcoin Magazine (@BitcoinMagazine) March 13, 2024

The notes, which are MicroStrategy’s unsecured and senior notes, will bear interest payable semiannually on March 15 and September 15, beginning on September 15, 2024. The notes, which are scheduled to mature on March 15, 2031, can be redeemed by MicroStrategy after March. February 22, 2028 Certain conditions apply.

Investors will have the option to convert the notes into cash, MicroStrategy Class A common stock, or a combination of these. Conversions before September 15, 2030 are subject to certain events and time periods, and after that date, conversions are not restricted until two days before the maturity date.

Proceeds from the offering will primarily fund additional Bitcoin acquisitions and support general corporate purposes, the announcement said. The sale is limited to qualified institutional buyers pursuant to Rule 144A and has not been registered under the Securities Act or the securities laws of any other jurisdiction.

Just last week, it was announced that MicroStrategy was raising more funds to purchase more Bitcoin. Following that announcement, MicroStrategy acquired 12,000 BTC for $821.7 million last Monday.

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