Microstrategy Wants to Raise More Money to Buy More BTC

Just yesterday, we reported that Microstrategy had plans to use proceeds from the sale of $600 million convertible senior notes that is due in 2027 to buy additional Bitcoin, the firm has now announced that it would be raising this allocation by 50%. This means that the firm has now increased the offering to $900 million for qualified private institutional investors.

According to this new press release, the firm was going to still “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.” The new press release also reiterated that the notes would mature by “February 15, 2027, unless earlier repurchased, redeemed or converted in accordance with their terms.”

Microstrategy has stated that it expects the funds generated from this sales to be as high as $1 billion and it also restated its commitments towards using these generated funds to purchase more Bitcoin. The Micheal Saylor led company had used this same strategy last year when it raised $650 million through the sales of such notes and bought the leading crypto asset.

The current announcement comes right on the heels of when the price of Bitcoin reached a new all-time high of $51,600.

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