The post Michael Saylor Upsizes MicroStrategy’s Bitcoin Buy To $700 Mln appeared on BitcoinEthereumNews.com.

MicroStrategy, under the leadership of Michael Saylor, has once again caught the attention of market participants today with its latest announcement. A day after announcing a $500 million convertible senior notes offering, the firm has upsized the offering amount to $700 million, a recent announcement showed. Notably, this move signals MicroStrategy’s continued commitment to expanding its Bitcoin holdings and pursuing general corporate objectives. Michael Saylor Increases Bets On Bitcoin With $700M Notes Offering MicroStrategy’s latest announcement revealed an upsizing of its initial $500 million convertible senior notes offering to $700 million. The notes will mature in 2032 and offer a 2.25% interest rate, paid semi-annually starting December 15, 2024. Notably, the offering is scheduled to close on June 17, 2024, subject to customary conditions. However, according to MicroStrategy, the notes will be sold privately to institutional buyers in accordance with Rule 144A under the Securities Act of 1933. In addition to the upsized offering, MicroStrategy, led by Michael Saylor, has granted initial purchasers an option to buy up to an additional $100 million in notes within 13 days of issuance. Meanwhile, these unsecured senior obligations will be convertible into cash, MicroStrategy’s class A common stock, or a combination of both, at the company’s discretion. It’s worth noting that the conversion rate starts at 0.4894 shares per $1,000 of notes, equating to an initial conversion price of approximately $2,043.32 per share. This price represents a 35% premium over the volume-weighted average price of $1,513.46 on June 13, 2024. However, adjustments to the conversion rate may occur based on certain events. Meanwhile, Michael Saylor’s MicroStrategy has reiterated its stance to use the proceeds from the sale to buy more Bitcoin. Notably, both Michael Saylor and MicroStrategy have been active supporters of Bitcoin since 2020. Now, the firm said that the proceeds will…

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Filed under: News - @ June 14, 2024 6:14 pm