Michael Saylor’s MicroStrategy company is announcing a new private offering of $600 Convertible Senior Notes. According to a press release by the company, MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes.
In a statement, MicroStrategy says the notes will be unsecured, senior obligations of MicroStrategy. They will bear interest payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2024. MicroStrategy, led by Saylor, has been one of the biggest investors in Bitcoin over the past few years. Now, they are looking to buy even more with the help of their clients.
In addition to the senior notes, MicroStrategy also expects to grant to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $90 million aggregate principal amount of the notes. As Bitcoin continues to flourish, MicroStrategy intends to capitalize on making as much profit from the cryptocurrency as possible. Furthermore, with the transparent purpose of this offering being revealed, the hype around BTC may continue to grow after trading hours.
Also Read: MicroStrategy: How Much Did Michael Saylor Profit From Bitcoin Bull Run?
At press time, Bitcoin is trading at $67,543.48. With the BTC halving expected next month, BTC has the potential to soar north of $70,000. As Saylor has said previously, he will never stop buying Bitcoin and sees it as the future. Early on Monday, Microstrategy’s BTC profits hit $6.5 billion. The latest offering by Michael Saylor’s MicroStrategy company is further proof and may get more clients on board for Bitcoin in the process.