MicroStrategy announces a proposed private sale of $500 million worth of convertible senior notes to institutional buyers in order to buy additional cryptocurrency, aiming to strengthen its position as the largest corporate holder of Bitcoin.
Technology enterprise and recently rebranded as a "Bitcoin development firm" MicroStrategy has unveiled another intended private offering to expand its Bitcoin holdings.
In a statement released on Wednesday, the corporation disclosed its intention to present $500 million worth of convertible senior notes to institutional investors, maturing in 2031, to facilitate the acquisition of additional cryptocurrency.
Last week, the company had announced its plans to initiate a private offering of $600 million worth of convertible senior notes aimed at procuring more Bitcoin.
MicroStrategy stands as the largest corporate holder of Bitcoin, possessing 205,000 of the digital assets in its reserves—presently valued at over $15 billion based on current market prices.
The initial purchase of Bitcoin dates back to 2020. Former CEO turned chairman, Michael Saylor, asserts that the crypto investment strategy is the most effective means of wealth preservation and generating returns for shareholders.
MicroStrategy Announces Planned Private Offering of $500 Million in Convertible Senior Notes $MSTR https://t.co/nRxijBHsgX
— Michael Saylor⚡️ (@saylor) March 13, 2024
Presently, Bitcoin is valued at $73,220 per unit, witnessing an almost 9% surge over the past seven days, according to data from CoinGecko. Earlier today, it reached a new record high surpassing $73,600.