Following a Tuesday announcement that MicroStrategy would be planning to buy $600 million in Bitcoin (BTC) through a sale of convertible notes, the business intelligence firm has upped the ante by another $300 million.

MicroStrategy said on Wednesday it would be selling $900 million in convertible senior notes due in 2027 in a private offering to qualified institutional buyers. According to the firm’s estimates, the proceeds of the sale will be roughly $879 million. It added, however, that it could be as high as $1 billion “if the initial purchasers exercise in full their option to purchase additional notes.”

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The business intelligence firm said it expected to close the offering on Friday, at which time it would “acquire additional Bitcoin.” With the price of Bitcoin reaching an all-time high of more than $51,000 on Wednesday, MicroStrategy could soon have an additional 19,000 BTC in its coffers.

MicroStrategy’s initial $250-million Bitcoin investment in August 2020 has more than doubled, given the crypto asset’s recent bull run. The business intelligence firm has since purchased 16,796 BTC for $175 million in September 2020, then 29,646 BTC for $650 million through the issuance of bonds in December 2020. In addition, the firm bought 314 Bitcoin for $10 million in late January, and 295 BTC for $10 million earlier this month.

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Should the purchase go according to plan, the business intelligence firm will hold more than $3.5 billion of the crypto asset in its reserves, or roughly 90,000 BTC. This would mean the company would control 0.48% of Bitcoin’s circulating supply.


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MicroStrategy raising $600M…. no, $900M to buy more Bitcoin

by Cameryn Gollakner
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