Bitcoin
MicroStrategy Increases Note Supply to $700 Million to Buy More Bitcoin – DL News
- MicroStrategy is already the largest institutional holder of Bitcoin.
- The company holds around $13.5 billion in cryptocurrency.
- It now aims to raise around US$700 million to increase its offering.
After announcing your offer of $500M in Senior Unsecured Convertible Notes to Buy More Bitcoin, MicroStrategy increased a day later, to US$700 million.
MicroStrategy, co-founded and led by Michael Saylor, is already the largest institutional holder of Bitcoin and does not intend to give up its position. It holds more than $13 billion worth of Bitcoin, depending on market fluctuations.
The publicly traded company states that it considers itself the world’s first Bitcoin development company, committed to the continued growth of the Bitcoin network through its activities in financial markets, defense and technological innovation.
MicroStrategy can now raise up to $786 million if the initial purchasers fully exercise their options to purchase additional notes.
The notes will mature on June 15, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Interest will accrue at the rate of 2.25% per year, payable semiannually.
They are being offered and sold to persons reasonably believed to be qualified institutional buyers.
MicroStrategy saw a 146% jump in its share value in the first quarter, driven by a rally in Bitcoin, DL News reported.