The largest corporate holder of Bitcoin, MicroStrategy, has announced plans to raise $600 million to purchase more Bitcoin.
This will be done through the issuance of senior convertible notes, which are a type of debt security that can be converted into equity at a later date.
The firm intends to use the proceeds from the notes to buy more Bitcoin for general corporate purposes. The initial purchasers of the notes will also have the option to purchase an additional $90 million of notes.
The maturity date for the notes is set for March 15, 2030, and they can be converted into cash, MicroStrategy’s class A common stock, or a combination of both.
MicroStrategy’s stock saw a 2% increase on March 4, reaching $1,359, while Bitcoin’s price also saw a surge of 8.1% to $67,480, approaching its all-time high of $69,000.
These developments highlight MicroStrategy’s commitment to investing in Bitcoin and its belief in its potential for long-term growth.
