MicroStrategy Plans to Raise Another $600 Million to Buy Bitcoin
MicroStrategy, the publicly-listed company that was amongst the first to put Bitcoin on its balance sheet, has now announced plans to raise another $600 million to buy more of the digital currency.
- In a press release dated February 16th, MicroStrategy announced that it intends to offer a $600 million aggregate principal amount of convertible senior notes that are due 2027 in a private offering to qualified institutional investors.
- Furthermore, the release adds that:
The notes will be convertible into cash, shars of MicroStrategy’s class A common stock, or a combination of cash and shares of MicroStrategy’s class A common stock, at MicroStrategy’s election.
- The exciting bits come afterward where the company reveals its actual intentions. The company plans to “use the net proceeds from the sale of the notes to acquire additional bitcoins.”
- This is far from the first time the company uses this maneuver to obtain more cash and buy bitcoins with it.
- Back in December, CryptoPotato reported that it plans to buy another $650 million worth of BTC after a convertible note offering.
- This comes as Bitcoin’s price finally broke the coveted $50K mark for the first time in history.
- At the time of this writing, the price has retraced, and it’s currently trading around $49,000.
