2024

Bitcoin

Million

MicroStrategy, the largest corporate holder of Bitcoin <a href="https://cointelegraph.com/bitcoin-price">(BTC)</a>, is set to raise $600 million as part of a move to buy more Bitcoin.
The business intelligence firm <a href="https://www.microstrategy.com/press/microstrategy-announces-proposed-private-offering-of-600-million-of-convertible-senior-notes_03-04-2024" target="_blank" rel="noopener nofollow">confirmed</a> the news in a March 4 statement, revealing the funds will be issued in the form of senior convertible notes.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/cd158aaa-205e-4d2d-8dd4-bf3eb5c58ff8.png" alt="" title="">
 <figcaption style="text-align: center;">
 X post from MicroStrategy executive chairman Michael Saylor confirming the announcement. Source: X
 </figcaption>
</figure>
Senior convertible notes are a debt security that can be converted into equity at a later date. They’re “senior” to common stock in the sense that holders have priority in the event of bankruptcy or liquidation.
MicroStrategy said it "intends to use" the net proceeds from the sale of the notes to buy more Bitcoin for general corporate purposes.
It also expects to grant to the initial purchasers of the notes an option to purchase up to an additional $90 million aggregate principal amount of the notes. 
Related: <a href="https://cointelegraph.com/news/microstrategy-share-price-rises-over-20-percent-btc-price-continues-skyward">MicroStrategy stock spikes over 20% as BTC price continues skyward</a>
The notes will mature on March 15, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. 
The notes will be convertible into cash, shares of MicroStrategy’s class A common stock, or a combination of cash and shares of MicroStrategy’s class A common stock.
It comes as MicroStrategy’s stock rallied more than 2% to $1,359 on March. 4. Meanwhile, Bitcoin is currently up 8.1% to $67,480 over the last 24 hours and is fast approaching its all-time high price of $69,000, reached on Nov. 10, 2021, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/03f9508a-e824-44fe-9787-4b12501ec459.png" alt="" title="">
 <figcaption style="text-align: center;">
 MicroStrategy's change in share price on March 5. Source: Google Finance
 </figcaption>
</figure>
MicroStrategy is now up a massive 172% over the month.
The firm’s founder and executive chairman, Michael Saylor, has been the mastermind behind MicroStategy’s Bitcoin investment strategy. The firm currently holds 193,000 BTC, <a href="https://bitcointreasuries.com/microstrategy/" target="_blank" rel="noopener nofollow">worth</a> $13 billion at current prices, according to BitcoinTreasuries.
With an average buy price of $31,550, MicroStrategy is up nearly $7 billion on its investment.
Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>
This is a developing story, and further information will be added as it becomes available.

MicroStrategy set to raise $600M via convertible notes to buy more Bitcoin

Cointelegraph

Other articles published on Mar 4, 2024

One of the largest banks in Russia wants to launch a unique digital financial asset!

Why are Crypto Whales Moving to BlockDAG? Miners and Huge Surge Potential is the Answer

Hester Peirce Criticizes SEC’s Way of Regulating Crypto

Bitcoin Is In The 'Very, Very Early Innings Of A Massive Capital Repricing Event,' Says Veteran I...

Crust Network Unveils EthDA to Advance Ethereum’s Scalability Efforts

What’s Next for the Bitcoin Price Rally? Will it Breakout Through the ATH or Undergo a Minor Pull...

Join our free newsletter for daily crypto updates!