MicroStrategy Inc. (NASDAQ: MSTR), a major long-term Bitcoin (BTC) investor, has announced the pricing of its convertible senior notes due in 2028.
MicroStrategy’s Bitcoin Strategy
The organization raised the target from the initially planned $700 million to $875 million and added another $135 million for initial purchasers. The closure of this offering is scheduled for Thursday, September 19, 2024, with the firm estimating net proceeds from the sale of the notes to be around $864.1 million, or about $997.4 million if initial buyers go for the extra deal.
Market Impact
Earlier this week, MicroStrategy announced a redemption notice to the Convertible Senior Notes for about $523.8 million. Additionally, the company acquired 18,300 BTCs, for $1.11 billion, between August 6 and September 12. As a result, MicroStrategy holds a total of 244.8k Bitcoins, worth more than $14 billion. Over the years, MicroStrategy has proved to be a major long-term Bitcoin investor, instilling confidence in the digital asset industry. Central banks of Norway and Switzerland hold 1.123 million and 466k MSTR shares, respectively. Amid anticipated economic shifts triggered by the expected Fed’s rate cut, Bitcoin price is likely to break out in a similar manner to Gold.
MicroStrategy continues to actively invest in Bitcoin, strengthening its position in the digital asset market and contributing to the development and popularity of cryptocurrencies.
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