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MicroStrategy Completes $800 Million Convertible Note Offering to Purchase Additional Bitcoin
According to BlockBeats, MicroStrategy announced on March 11 that the company has completed its previously announced offering of 0.625% convertible senior notes due 2030 on March 8, 2024. The total principal amount of notes sold in this offering is $800 million, including $100 million in total principal amount of notes issued pursuant to the exercise of purchase options within a 13-day period from the date of the initial issuance, including the issuance date. The initial purchasers exercised all of their options on March 6, 2024, and additional purchases were completed on March 8, 2024.
The notes were offered and sold to persons reasonably believed to be qualified institutional buyers in a private offering pursuant to Rule 144A under the amended Securities Act of 1933. MicroStrategy used the net proceeds from the sale of the notes to purchase additional bitcoin.