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MicroStrategy announces completion of $650 million debt offering to fund bitcoin buys

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MicroStrategy said Friday that it had raised $650 million via a senior convertible note offering as part of its push for more financial dry powder with which to buy bitcoin.

The final figure is $100 million more than previously articulated in public statements, and $250 million more than when it first made the announcement.

As the firm noted in a release:

"The aggregate principal amount of the notes sold in the offering was $650 million, which includes notes issuable pursuant to 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 $100 million aggregate principal amount of the notes granted to the initial purchaser of the notes, which the initial purchaser exercised in full on December 9, 2020 and which additional purchase was also completed today."

It is not clear at this time who took part in the round; the company's statement states that "[t]he notes were sold in a private offering to qualified institutional buyers 

As before, MicroStrategy said it "intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending identification of working capital needs and other general corporate purposes."

The move follow's MicroStrategy $50 million purchase of bitcoin, with its currently known holdings now above 40,000 BTC. 

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Oct 20, 2021, 2:23PM UTC
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