Summary
MicroStrategy is increasing its convertible debt offering to $700 million from $600 million. The company plans to use the proceeds to acquire more bitcoin and for general corporate purposes. The notes have an interest rate of 0.625% per annum and a maturity date in March 2030. The company may redeem the notes by March 22, 2027. MicroStrategy’s stock is up over 20% and the company holds 193,000 bitcoin. The upsizing comes after bitcoin hit a new all-time high.
Key Points
1. MicroStrategy is upsizing its convertible debt offering to $700 million from $600 million.
2. The company plans to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes.
3. The pricing of the notes has been finalized, with plans to close the offering on March 8.