Bitcoin
Michael Saylor’s MicroStrategy (MSTR) Raises Convertible Note Offering to $700 Million
Nasdaq-listed software company MicroStrategy (MSTR), the largest corporate holder of bitcoin (BTC)increased your convertible note offering by 40% to $700 million and priced it to offer an annual yield of 2.25%.
The notes, available to institutional investors in a private offering, will be senior unsecured obligations due in June 2032, the company said in a statement. Friday press release. The Tysons Corner, Virginia-based company also granted initial purchasers the option to purchase an additional $100 million in notes within 13 days of first issuance. The company expects to close the offering on Monday. The issuance procedures will be used to acquire more bitcoins and for general corporate matters.
The company’s shares rose nearly 2% in Friday’s session, trading just above $1,500, following yesterday’s 7.5% drop. Earlier today, brokerage Bernstein started coverage of Microstrategy setting a price target of $2,890 and assign a superior performance rating.
MicroStrategy began purchasing the oldest and largest crypto asset in 2020 for its treasury. Now, this holds 214,400 BTC worth around $14 billion, making the company the largest publicly listed bitcoin holder. The company’s executive chairman, Michael Saylor, is a vocal supporter of bitcoin.