Crypto News – One of the biggest Bitcoin holders in the public, MicroStrategy, has completed another convertible note sale to grow its Bitcoin holdings.
MicroStrategy Notes Sale: The Company Sells $604M in Notes This Time
On March 18, Michael Saylor, the former CEO of MicroStrategy, said on X that the company had finished issuing the 0.875% convertible senior notes that were due in 2031, as previously disclosed.
$603.75 million worth of notes were sold in the offering, including notes with an aggregate principal amount of $78.75 million that were issued as part of a purchase option. As per the release, the notes were issued in a private offering to eligible institutional buyers in adherence to US securities rules.
9,245 More Bitcoin Purchased
Days have passed since MicroStrategy concluded a $800 million convertible note sale on March 8, using the proceeds to increase its Bitcoin Treasury Reserve by 12,000 BTC. The release said that, similar to the prior offering, MicroStrategy will purchase more Bitcoin with the net proceeds from the convertible note issuance. Saylor revealed the purchase of an extra 9,245 Bitcoin with the proceeds from convertible notes and extra cash, just minutes after announcing the new $604 million offering.
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