American business intelligence and software development company, bitcoin-end-game-saylor-plan/” rel=”nofollow”>Microstrategy has revealed new plans to acquire an additional bitcoin, further strengthening its already bitcoin-development/” rel=”nofollow”>substantial btc holdings.
MicroStrategy Mega bitcoin purchase in process
In a recent Press release Posted on MicroStrategy's official website, the software development company announced plans to raise $500 million in convertible debt offerings for buy more bitcoins. Just a few days ago, the company had sold approximately $800 million in convertible debt offerings, using the proceeds from the sale to acquire around 12,000 btc valued at around $821.7 million at the time.
Frankly, MicroStrategy seems to be in a bitcoin-bet-btc/” rel=”nofollow”>Full-blown bitcoin acquisition spree, potentially attributed to cryptocurrency massive bullish rallies recently and its rise to new all-time highs. As of March 11, 2024, the business intelligence firm has a btc-and-now-holds-205000-btc_03-11-2024″ rel=”nofollow”>total of 205,000 btcworth over $15 billion based on CoinMarketCap's bitcoin price of $73,411, at the time of writing.
With its latest purchase of 12,000 btc, MicroStrategy finally surpassed the bitcoin-etf-gobbles-up-nearly-196000-btc/” rel=”nofollow”>bitcoin Holdings of BlackRock's Spot bitcoin Exchange Traded Fund (ETF). Furthermore, the software development company has secured first position as the leading public company with the largest bitcoin holdings, surpassing the holdings of Tesla and Coinbase.
As of March 2024, MicroStrategy's market capitalization has arose to $29.96 billion, reflecting an increase of 10.85% in the last 24 hours. The company is also currently ranked the 642nd most valuable company in the world by market capitalization.
MicroStrategy eyes convertible senior note offerings
Since the beginning of the year, MicroStrategy has purchased almost 16,000 btc. This time, the company has chosen to raise capital through convertible senior notes, marking a change from the previous year, when the majority of its funds to acquire btc were generated from heritage.
According to Market Watch reporthe business intelligence company stock value It has also been on the rise recently, with MSTR prices seeing an impressive 145% increase in one month.
As stated in its press release, the company intends to sell convertible senior notes to qualified institutional buyers. MicroStrategy has revealed plans to give early buyers of the bonds the option to purchase up to an additional $75 million in bonds within 13 days of the initial issuance.
The software development company has revealed that the notes will remain unsecured and interest will be paid semi-annually starting September 2024. Additionally, bitcoin-microstrategy-stock-sale/” rel=”nofollow”>Microstrategy will have the right to redeem the bonds starting in March 2028 or holders may request a buyback from the company, with conversion terms determined at the offer prices.
Proceeds and excess funds generated from its upcoming sale of $500 million worth of convertible senior notes will be used to bitcoin-purchases-3000-btc/” rel=”nofollow”>expand MicroStrategy's bitcoin holdings and for general corporate purposes.
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