MicroStrategy increases its investment in Bitcoin, setting the price of a revised convertible debt offering at 600 million dollars.
This ambitious move follows a previous fundraising of 800 million dollars, reaffirming the company’s aggressive cryptocurrency strategy.
Despite a recent drop in the price of Bitcoin, MicroStrategy remains steadfast in its long-term vision, seeing cryptocurrency as a cornerstone of future economic growth.
An aggressive investment strategy
Presenting itself as a Bitcoin-focused development company, MicroStrategy announced an increase in its Bitcoin holdings after setting the price of a convertible debt offering at 525 million dollars.
The offering, initially planned for slightly over 500 million dollars, was revised upwards, with an option for buyers to acquire up to 78.5 million additional dollars, potentially bringing in around 600 million dollars in revenue.
This move continues from a previous fundraising of 800 million dollars, where the funds were used to purchase an additional 12,000 bitcoins. With an annual interest rate set at 0.875%, these new senior convertible bonds reflect a slight increase compared to the previous issuance.
The conversion rate of the new notes amounts to 2,327.31 dollars per share, showing a premium of about 40% compared to the current price of MSTR shares at 1,670 dollars.
