MicroStrategy doesn't stop. He plans to sell his $600 million worth of bonds and buy at least part of that amount – surprise! – bitcoins.
MicroStrategy wants to buy more BTC
Microstrategy announced its plan to issue $600 million in convertible notes on Monday.
Convertible bonds are a type of bonds that can be issued by a given company, provided that it is provided for in its articles of association. They entitle you to subscribe for shares issued by the company (in exchange for these bonds).
The bonds will (…) bear interest, payable semi-annually in arrears on March 15 and September 15 of each year, starting from September 15, 2024. The bonds will mature on March 15, 2030, unless they are earlier repurchased, canceled or converted in accordance with their terms. conditions
– explained the company.
Microstrategy added that it “intends to use the net proceeds from the sale of the notes to purchase additional bitcoins and for general corporate purposes.”
Further details – i.e. interest rate, conversion rate and conversion price – “will be determined at the time of quotation.”
The Notes will be offered and sold to persons reasonably deemed to be qualified institutional buyers pursuant to Rule 144A of the Securities Act
– we read further.
This isn't the first time the company has done something like this
Already in early 2021, Microstrategy issued and sold convertible bonds for the same purpose – purchasing bitcoin. Back then, the goal was to raise USD 600 million.
MicroStrategy is already history. This is the first such a large company to announce its strategy for investing in BTC. She recently revealed that she already has as much as 193,000 BTC. As you can see, there will soon be more coins in the company's treasury.
MicroStrategy founder and executive chairman Michael Saylor says bitcoin is a top asset class, so his company has no intention of selling the cryptocurrency. Will breed her. In his opinion, bitcoin is becoming “the most popular investment asset in the world”, better than gold.
