Michael Saylor's MicroStrategy ($MSTR) Announces $500 Million Convertible Notes Offering to Buy More Bitcoin

Jun 13, 2024, 10:51 AM

MicroStrategy ($MSTR) has announced a proposed private offering of $500 million in convertible senior notes due 2032. The company, led by Michael Saylor, plans to use the proceeds from the sale to acquire additional Bitcoin and for general corporate purposes. This move is part of MicroStrategy's ongoing strategy to increase its Bitcoin holdings. Additionally, MicroStrategy has announced the full redemption of its 0.750% convertible senior notes due 2025, amounting to $650 million, with note holders having the option to convert to stock at a rate of 2.5126 shares per $1,000 principal until July 11, 2024.