The $600 million in senior convertible notes will mature in March 2030, unless earlier repurchased, redeemed or converted into cash or MicroStrategy stock.
MicroStrategy, the leading corporate holder of Bitcoin (BTC), has announced plans to raise $600 million through senior convertible notes to expand its Bitcoin reserves further, as confirmed by its founder and chairman, Michael Saylor.
On March 4, Saylor announced that MicroStrategy is seeking to raise over $600 million through senior convertible notes, a type of debt security that can be converted into equity at a later date.
The company anticipates granting initial purchasers the option to acquire up to an additional $90 million aggregate principal amount of the notes. The maturity date is March 15, 2030 (unless they are repurchased, redeemed, or converted earlier as per their terms).
Notably, the notes offer the flexibility of conversion into cash, shares of MicroStrategy’s class A common stock, or a combination of both.
The announcement was met with a positive reaction from the crypto community, some even joking that MicroStrategy intends to scoop every last BTC on the market.
MicroStrategy is now up a massive 130% over the month.
The firm’s founder and executive chairman, Michael Saylor, has been the mastermind behind MicroStategy’s Bitcoin investment strategy. The firm currently holds 193,000 BTC, worth $13 billion at current prices, according to BitcoinTreasuries.
With an average buy price of $31,550, MicroStrategy is up nearly $7 billion on its
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