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Michael Saylor's MicroStrategy plans private offering of $700 million in convertible senior bonds to pay off $500 million in debt and further increase its bitcoin reserves.
This is the company's third debt offering in 2024 and is only available to accredited institutional buyers.
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MicroStrategy Announces Proposed Private Offering of $700 Million Convertible Senior Notes twitter.com/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw”>$MSTR https://t.co/OCq7wj2u0P
—Michael Saylor (@saylor) twitter.com/saylor/status/1835773231262744857?ref_src=twsrc%5Etfw”>September 16, 2024
MicroStrategy owns more than 1% of the bitcoin supply
MicroStrategy raised about $700 million in its first offering of debt due in 2024 in March, and then issued another $500 million in June. The bonds will bear interest payable twice a year and mature on Sept. 15, 2028.
CEO Michael Saylor has been a spokesperson bitcoin Advocate and cryptocurrencies. The company has spent more than $8.3 billion through September 2024 to accumulate 244,800 btc, more than 1% of the bitcoin supply.
The stash was purchased for an average price of $36,821 and Saylor confirmed that holdings have gained 17% this year.
MicroStrategy (MSTR) has soared 294% over the past year thanks to positive market sentiment that was boosted by bitcoin’s 122% price increase over the same period.
MicroStrategy began buying bitcoin in August 2020. Its rapid accumulation of btc since then has made Saylor an influential figure in the crypto community.
Saylor has previously urged investors to buy into MicroStrategy’s debt offerings, arguing that bitcoin ETFs have a much higher volatility risk and lack the returns that MicroStrategy offers through its convertible bonds.
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