BREAKING: MicroStrategy Raises $1 Billion to Buy More Bitcoin
Institutional investors are becoming more bullish on the future trajectory of Bitcoin, piling up their reserves.
One of those corporations is Michael Saylor’s MicroStrategy, which announced that it just raised $1.01 billion at 0.625% interest rate to buy more Bitcoin .
MicroStrategy, a prominent corporate analytics and Bitcoin investment firm, initially revealed plans to issue $700 million of convertible senior notes due in 2028 through a private placement.
The unsecured notes, sold privately to qualified institutional buyers, will mature on September 15, 2028, and bear interest payable semi-annually starting March 15, 2025.
READ MORE:
Japan Holds Rates Steady, Bitcoin Surges Amid Market OptimismThe conversion rate is set at approximately 5.4589 shares per $1,000, giving a conversion price of about $183.19 per share, which is a 40% premium over recent stock prices.
The company plans to use the proceeds to fully redeem its $500 million in outstanding senior secured notes and acquire additional Bitcoin, enhancing its cryptocurrency holdings.
Following the redemption, all collateral tied to the senior secured notes, including around 69,080 Bitcoins, will be released.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Market Analysts Predict Solana Will Reach $300 in 2024 and Mpeppe Will Have An 150% Rally
MicroStrategy acquires another 7,420 bitcoin for $458 million, taking holdings to 252,220 BTC
MicroStrategy has purchased another 7,420 BTC for approximately $458.2 million at an average price of $61,750 per bitcoin.The latest acquisitions come amid MicroStrategy’s completion of a $1.01 billion upsized convertible notes offering.
Bull cycles spark ‘some seemingly rational reason’ to compromise security: Ledger exec
Trending news
MoreCrypto prices
More
