Bitcoin

April

MicroStrategy is looking to offer $500 million worth of convertible senior notes, with proceeds used to purchase additional <a href="https://crypto.news/tag/bitcoin/" rel="">Bitcoin (BTC)</a>, the company announced on Thursday. Notes mature in 2032. 
On Thursday, MicroStrategy <a href="https://www.microstrategy.com/press/microstrategy-announces-proposed-private-offering-of-500m-of-convertible-senior-notes_06-13-2024" target="_blank" rel="">revealed</a> plans to offer qualified institutional buyers the opportunity to purchase unsecured convertible senior notes that will be due in 2032. 
Stating that the private offering would be subject to market conditions and other factors, the company said these notes will bear interest payable semi-annually and in arrears every June 15 and December 15. 
This will run until maturity on June 15, 2032, unless the notes are repurchased, redeemed or converted as per the offering’s terms. 
MicroStrategy, could, subject to conditions, redeem for cash, all or some of the notes. 
“Holders of the notes will have the right to require MicroStrategy to repurchase for cash all or any portion of their notes on June 15, 2029,” the US-based firm noted. 
<h2 class="wp-block-heading" id="microstrategy-will-use-proceeds-to-buy-more-bitcoin">MicroStrategy will use proceeds to buy more Bitcoin</h2> 
According to today’s announcement, notes are convertible into cash, shares of the company’s class A common stock, or a combination of the two. 
The reference price in the calculation of the initial conversion will be the composite volume weighted average of MicroStrategy’s stock from 9:30 am through 4:00 pm EDT on the date of the pricing. 
If the sale happens, MicroStrategy will use the net proceeds to buy more Bitcoin to add to the 214,400 BTC the company held as of April 30, 2024. 
The company will also use these funds for other corporate purposes.

MicroStrategy to buy more Bitcoin after raising $500m

Table of Contents

crypto.news

Other articles published on Jun 13, 2024

Bitcoin is the only decentralized currency, Tether CEO says

Ripple Partners with Archax to Boost XRP Ledger’s Dominance in RWA Tokenization

Bitgert Surge: Why Investors Are Eyeing This Altcoin Today!

Maximize Earnings with CryptoHeap: Achieve Financial Freedom through Crypto Staking

Circle And Solana’s New Blockchain Magic Unfold New Features

Analysts Predict MoonBag Crypto at $0.25 by November 2024, Drawing Chainlink and BitBot Investors...

Join our free newsletter for daily crypto updates!