MicroStrategy® Incorporated (Nasdaq: MSTR) has revealed Plans to raise $500,000,000 to purchase more bitcoins through a private offer of convertible senior note due in 2031. This offering is subject to the market’s conditions and targets institutional investors who are qualified under Rule 144A of Securities Act of 1933.
MicroStrategy will raise $500M to purchase more #Bitcoin pic.twitter.com/EU19xmKB2x
— Bitcoin Magazine (@BitcoinMagazine) March 13, 2024
MicroStrategy will pay semi-annually on the notes that are senior and unsecured obligations. This interest is payable starting September 15, 2020. MicroStrategy can redeem these notes at any time after March 22 2028. The maturity date is March 15 2031.
Investors have the choice to convert notes in cash or shares of MicroStrategy’s class A stock. The conversion before September 15th, 2030 will take place based on events and time periods. However, after this date the conversion is unrestricted up to two days before maturity.
The announcement said that the proceeds from the sale will be used to fund additional bitcoins and general corporate needs. Sale will only be available to institutional investors who meet the requirements of Rule 144A. No registration is required under Securities Act, or any other securities laws.
It was only last week that it was announced MicroStrategy raised more money in order to purchase more bitcoin. Following that announcement, MicroStrategy acquired On Monday last week, 8221.7 millions BTC were exchanged for 12,000 BTC.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: bitcoinmagazine.com