B Bitcoin

MicroStrategy Inc. Plans To Offer $400 Million Of Convertible Bonds To Buy More Bitcoin

08 December, 2020




 

According to a statement released yesterday, MicroStrategy Inc. “intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of convertible senior notes due 2025 (the “notes”) in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).” The statement added that “MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.

 

The company wants to double down on its Bitcoin bet after recently reinforcing its position earlier this month. As a reminder, MicroStrategy bought more of the cryptocurrency on Dec. 4, highlighting in a filing that it now has about 40,824 Bitcoins in total.