Summary
TLDR: MicroStrategy plans to raise $500 million through a private offering of convertible senior notes due 2031 to buy more bitcoin. The notes will bear interest and can be converted into cash or shares of the company’s stock. Proceeds will fund bitcoin acquisition and general corporate purposes.
Key Points
1. MicroStrategy plans to raise $500 million through a private offering of convertible senior notes due 2031 to buy more bitcoin.
2. The notes will bear semi-annual interest payable on March 15 and September 15, commencing September 15, 2024, and may be redeemed by MicroStrategy on or after March 22, 2028.
3. Investors will have the option to convert the notes into cash, shares of MicroStrategy’s class A common stock, or a combination thereof, with proceeds primarily funding the acquisition of additional bitcoin.