MicroStrategy to Issue $700 Million in Convertible Notes, Boosting Bitcoin Holdings
CryptoNewsTerminal Staff16 Sep, 2024
MicroStrategy to Issue $700 Million in Convertible Notes, Boosting Bitcoin Holdings
MicroStrategy (Nasdaq: MSTR), a pioneer in Bitcoin investments among publicly traded companies, has announced plans to issue $700 million in convertible notes maturing in 2028. This move highlights the company's unwavering commitment to acquiring more Bitcoin. According to CoinDesk, MicroStrategy intends to allocate $500 million of the proceeds towards repaying existing debt, while the remaining $200 million will be invested in additional Bitcoin purchases. This announcement follows the company's recent disclosure that it had acquired $1.1 billion worth of Bitcoin between Aug. 6 and Sept. 12. This latest move by MicroStrategy underscores the growing institutional interest in Bitcoin as a long-term investment. The company's substantial Bitcoin holdings and continued investment demonstrate its belief in the cryptocurrency's potential for value appreciation. With the issuance of convertible notes, MicroStrategy is well-positioned to further expand its Bitcoin holdings and capitalize on the perceived growth trajectory of the digital asset.
