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MicroStrategy will raise $600 million to buy more Bitcoin

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MicroStrategy Incorporated (Nasdaq: MSTR) announced plans to offer $600 million aggregate principal amount of convertible senior notes due 2030 in a private offering to qualified institutional buyers. The offer is subject to market conditions and other factors, with the potential to increase by an additional US$90 million.

These senior unsecured obligations of MicroStrategy will bear interest payable semi-annually and will mature on March 15, 2030. The company intends to grant initial purchasers an option to purchase additional notes within a 13-day period.

MicroStrategy plans to use the net proceeds from the offering to “purchase additional bitcoins and for general corporate purposes.” The offering will be made to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933.

MicroStrategy, which describes itself as “the world’s first Bitcoin development company,” is dedicated to supporting the growth and development of the Bitcoin network. The company uses its cash flows and equity and debt financing resources to accumulate bitcoin, which serves as its main treasury reserve asset.

The offering will help strengthen MicroStrategy’s position in the Bitcoin market and further its mission to promote Bitcoin adoption and innovation. However, the offering is subject to uncertainties relating to market conditions and closing terms, as described in MicroStrategy’s recent filings with the Securities and Exchange Commission.

MicroStrategy shares have outperformed Bitcoin so far in 2024, rising 94.70% at the time of writing, compared to BTC’s 58.22% rise.

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