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Home»ADOPTION NEWS»MicroStrategy sells $700 million more in convertible bonds to buy more debt and bitcoin.
ADOPTION NEWS

MicroStrategy sells $700 million more in convertible bonds to buy more debt and bitcoin.

By Crypto FlexsSeptember 17, 20242 Mins Read
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MicroStrategy sells 0 million more in convertible bonds to buy more debt and bitcoin.
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MicroStrategy (ticker: MSTR), a business intelligence firm turned Bitcoin trading house, plans to sell up to $700 million in convertible bonds to fund additional BTC purchases and bond repurchases, CEO Michael Saylor announced.

The private offering will be conducted “subject to market conditions” and mature in 2028. The notes are MicroStrategy’s unsecured preferred notes (a type of debt that is not backed by collateral) and bear interest twice annually.

As of June 2024, MicroStrategy’s total debt is $3.9 billion. The company purchased 244,800 BTC worth approximately $10 billion, which includes: 18,300 Bitcoin According to filings with the U.S. Securities and Exchange Commission, more than $1 billion worth of purchases were made last week.

“MicroStrategy intends to use the net proceeds from this offering to repay the entire outstanding principal amount of MicroStrategy’s 6.125% Senior Secured Notes due 2028 (the “Senior Secured Notes”), and use the remainder of the net proceeds to acquire additional Bitcoin and for general corporate purposes,” the company said in a statement.

The company has acquired a total of $9.5 billion worth of Bitcoin since it began buying in 2020, paying an average of $38,585 per coin.

MicroStrategy shares fell 4.9% on Monday.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Daniel Kuhn is a senior journalist and editor at The Block, covering the cryptocurrency industry with a particular focus on technology. He previously served as an associate editor at CoinDesk, where he covered the opinions/articles section. He was first published in the trade publication Financial Planning. Before pursuing journalism, he studied philosophy as an undergraduate, English literature as a graduate student, and business and economic reporting at NYU’s professional program. You can connect with him on Twitter and Telegram @danielgkuhn, or find him on Urbit as ~dorrys-lonreb.

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