-
MicroStrategy
proposed
to
issue
$700
million
of
convertible
senior
notes,
with
$500
million
to
be
used
to
redeem
a
previous
tranche
of
notes. -
The
remainder
of
the
money
could
be
used
to
buy
additional
bitcoin.
-
08:42
Bitcoin
Ecosystem
Developments
in
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as
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Hits
Fresh
2023
High -
01:10
Bitcoin’s
Triangular
Consolidation
Offers
Bullish
Outlook:
Technical
Analysis -
00:37
October
Was
‘Uptober’
for
Bitcoin -
40:42
How
Much
Money
Will
Flow
Into
Bitcoin
ETFs?
Here’s
One
Projection
Nasdaq-listed
bitcoin
development
firm
MicroStrategy
(MSTR)
announced
Monday
that
it
intends
to
offer
$700
million
aggregate
principal
amount
of
convertible
senior
notes
due
2028.
The
company
plans
to
use
the
proceeds
of
the
offering
to
redeem
$500
million
worth
of
senior
secured
notes
with
6.125%
annual
yield
maturing
in
2028,
the
press
release
said.
It
will
use
the
rest
of
the
proceeds
to
purchase
more
bitcoin
(BTC)
and
for
general
corporate
uses.
The
firm
also
plans
to
grant
to
the
initial
purchasers
of
the
notes
an
option
to
buy
up
to
an
additional
$105
million
aggregate
principal
amount
of
notes
within
a
13-day
period
starting
on
the
issuance
date
of
the
first
notes.
The
company
said
it
may
redeem
for
cash
all
or
a
portion
of
the
notes
on
or
after
December
20,
2027,
subject
to
certain
conditions.
The
company,
led
by
Executive
Chairman
Michael
Saylor,
started
purchasing
bitcoin
in
2020,
adopting
it
as
a
reserve
asset
for
its
treasury.
Since
then,
it
has
become
the
largest
corporate
buyer
of
bitcoin,
accumulating
244,800
BTC,
worth
roughly
$14.2
billion
at
current
prices.
Only
days
ago,
MicroStrategy
disclosed
the
purchase
of
an
additional
$1.1
billion
worth
of
bitcoin,
leaving
it
with
$900
million
available
under
a
previous
offering.
Recently,
other
public
companies
such
as
Semler
Scientific
and
Japanese
investment
adviser
Metaplanet
have
followed
MicroStrategy’s
footprints
to
issue
debt
to
accumulate
bitcoin.
MSTR
shares
slid
4.9%
during
regular
trading
today
alongside
a
sizable
decline
in
the
price
of
bitcoin.
Shares
are
down
another
1.6%
in
after
hours
trading.
They
remain
higher
by
about
300%
on
a
year-over-year
basis.
