MicroStrategy plans to raise an additional $690 million to buy bitcoin
February 16, 2021, 7:32AM EST
1 min read
MicroStrategy announced Tuesday that it plans to raise an additional $690 million to buy bitcoin.
The raise will be facilitated by senior convertible notes, a type of debt security that can be converted into cash or shares. MicroStrategy's notes will be issued to qualified institutional buyers, and its terms are yet to be finalized.
The notes will be unsecured and will bear interest payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021, said MicroStrategy. The notes will mature on February 15, 2027, unless earlier repurchased, redeemed, or converted.
Meanwhile, bitcoin's price has soared above $50,000 for the first time, pushing the cryptocurrency's market capitalization closer to $1 trillion.