Michael Saylor’s MicroStrategy company is announcing a new private offering of $500 Convertible Senior Notes to fund purchasing more Bitcoin. 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. This is their second announcement of raising funds to buy more Bitcoin this way.
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 again 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 13 days beginning on, and including, the date on which the notes are first issued, up to an additional $75 million aggregate principal amount of the notes.
Michael Saylor’s MicroStrategy Continues It’s Bitcoin Investing
As Bitcoin continues to flourish, MicroStrategy intends to capitalize on making as much profit from the cryptocurrency as possible. The cryptocurrency reached an all-time high over the past two weeks and has continued to rise steadily above $70,000. Furthermore, with the transparent purpose of this offering being revealed, the hype around BTC may continue to grow after trading hours.
At press time, BTC is trading at $73,235.52. Additionally, the asset has risen 48.27% in the past month. With the BTC halving expected next month, the leading cryptocurrency has the potential to continue its climb. Some predictions even see BTC reaching over $80,000. As Saylor has said previously, he will never stop buying Bitcoin and sees it as the future. With MicroStrategy offering this promotion once again, it is clear that the bullish beliefs of Michael Saylor and the company continue for Bitcoin.