MicroStrategy Ups the Stake: Will Raise $900 Million to Buy Bitcoin

MicroStrategy has announced the pricing of its offering of $900 million aggregate principal amount of 0% convertible senior notes due 2027. As it happened the last time the company made such a move, it plans to allocate all funds into bitcoin after the offering closes on February 19th, 2021.

CryptoPotato reported yesterday that the NASDAQ-listed business intelligence giant MicroStrategy said it would offer a $600 million convertible senior notes offering to qualified institutional investors. However, the firm has expanded its target by 50%. According to the latest statement, dated February 17th, Michael Saylor’s company will aim at raising $900 million. Despite the difference in the amount, MicroStrategy could again “redeem for cash all or a portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed.”Interestingly, the company reaffirmed that it will use the net proceeds from the sale of the notes to acquire additional bitcoin.MicroStrategy already employed a similar strategy last year when it raised $650 million in such notes and bought BTC. Ultimately, the company has allocated more than $1 billion in the primary cryptocurrency over the course of several separate purchases.Additionally, MicroStrategy has led Bitcoin educational programs for corporations, and the company’s founder and CEO, Michael Saylor, has released such panels for retail investors as well.The latest announcement came amid BTC’s newest all-time high. The primary cryptocurrency spiked to a new record of above $51,700 a few hours ago.

BTCUSD. Source: TradingView

 Jeannie Propes

Jeannie Propes– Technology My Name is Jeannie Propes, and I am 29 years old who is an industrialist other than a writer. I want to catch the attention of my audience and publishers without sound too dry and dull. I am the sort of person who adores his spare time by writing my thoughts and ideas for my audience or readers. My writing skills are not confined to any specific field, I wrote on many topics, but technology and stock Market articles are always my favorite. I love to express myself through creative modes such as drawing, singing, and writing. I love to spend my leisure time with my beloved cat, sleep or by playing my favorite video games.

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