CandleFocus Michael Saylor's MicroStrategy Plans Another $700M Convertible Note Issuance
2024-09-16
Author: Content Editor
MicroStrategy, a bitcoin development firm, announced plans to issue $700 million in convertible senior notes. $500 million of the proceeds will be used to redeem previous notes, while the remaining funds will be used to buy additional bitcoin and for general corporate purposes. The company has become the largest corporate buyer of bitcoin, accumulating 244,800 BTC, worth around $14.2 billion. Other companies have also followed MicroStrategy's example and issued debt to accumulate bitcoin. Following the announcement, MicroStrategy's shares slid 4.9% in regular trading and an additional 1.6% in after-hours trading.
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