MicroStrategy Plans $400M Raise; Net Proceeds Will Fund More Bitcoin Buys
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MicroStrategy said Monday it plans to sell up to $400 million in a convertible senior notes offering that will likely fund yet more bitcoin allocations.
The business intelligence company said in a press release it will “invest the net proceeds from the sale in bitcoin in accordance with its Treasury Reserve” after first making way for business expenses.
Only “qualified institutional buyers” will be permitted to buy the interest-bearing notes, which mature in five years. MicroStrategy can convert the notes into cash, class A shares or a combination of the two starting in December 2023.
Last week, Chief Executive Michael Saylor expanded MicroStrategy’s bitcoin treasury reserve to 40,824 bitcoins.
