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MicroStrategy's MSTR stock jumps 23% as it unveils $600m offering to buy more Bitcoin
The largest corporate holder of Bitcoin, MicroStrategy, is about to become even larger with the latest $600 million offering in convertible notes to buy more crypto.
MicroStrategy wants to sell $600 million in convertible senior notes to buy more Bitcoin (BTC) as the largest crypto by market capitalization nears its all-time high.
According to a press release on MicroStrategy’s official website, the latest offering due 2030 will be to qualified institutional buyers only. The Virginia-headquartered business analytical software provider also plans to grant initial purchasers of the notes an option to acquire “an additional $90 million” aggregate principal amount of the notes within 13 days.
MicroStrategy says holders of the notes will have the right to require the company to repurchase all or a portion of their notes for cash on Sep. 15, 2028, adding that the notes will be convertible into cash, shares of MicroStrategy’s class A common stock, or a combination of both at the company’s discretion.
This move isn’t new for MicroStrategy, as it previously issued convertible notes in 2021 and 2020 to bolster its Bitcoin holdings. As of press time, MicroStrategy and its subsidiaries hold approximately 193,000 BTC, valued at around $13 billion at current market rates.
MicroStrategy’s plan to increase its Bitcoin holdings coincides with the nearing of the largest crypto’s all-time high, currently standing at approximately $67,125, as per CoinGecko data. After the news broke, MicroStrategy’s shares soared by 23%, according to data from Google Finance.
In a mid-February interview with Bloomberg, MicroStrategy founder Michael Saylor emphasized that the company has no intention of selling any Bitcoin from its balance sheet. Saylor particularly highlighted the significant capital movement from traditional analog s to the digital economy, amounting to “hundreds of millions of dollars.”