Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase

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Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase
Scott Matherson by Scott Matherson March 14, 2024



American business intelligence and software development company, MicroStrategy has unveiled new plans to acquire an additional Bitcoin, further bolstering its already substantial BTC holdings.

MicroStrategy Mega Bitcoin Purchase In The Works
In a recent press release published on MicroStrategy’s official website, the software development company announced plans to raise $500 million in convertible debt offerings to purchase more Bitcoin. Just a few days ago the company had sold approximately $800 million in convertible debt offerings, using the proceeds of the sale to acquire about 12,000 BTC valued at about $821.7 million at the time.

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Quite frankly, MicroStrategy seems to be on a full-blown Bitcoin acquisition spree, potentially attributed to the cryptocurrency’s massive bullish rallies recently and its surge to new all-time highs. As of March 11, 2024, the business intelligence firm possesses a total of 205,000 BTC, worth over $15 billion based on CoinMarketCap’s Bitcoin price of $73,411, at the time of writing.

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With its latest purchase of 12,000 BTC, MicroStrategy has finally surpassed the Bitcoin holdings of BlackRock’s Spot Bitcoin Exchange Traded Fund (ETF). Additionally, the software development company has secured the top position as the leading public company with the largest Bitcoin holdings, surpassing the holdings of both Tesla and Coinbase.

As of March 2024, MicroStrategy’s market capitalization has surged to $29.96 billion, reflecting an increase of 10.85% in the last 24 hours. The company is also presently ranked as the world’s 642nd most valuable company by market capitalization.

MicroStrategy Sets Sights On Convertible Senior Notes Offerings
Since the start of the year, MicroStrategy has purchased nearly 16,000 BTC. This time around the company has chosen to raise capital through convertible senior notes, marking a shift from the previous year when most of its funds for acquiring BTC were generated from equity.

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According to Market Watch’s report, the business intelligence firm’s stock value has also been on the rise recently, with MSTR prices witnessing an impressive 145% increase in a month.

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As stated in its press release, the company intends to sell convertible senior notes to qualified institutional buyers. MicroStrategy has revealed plans to grant early purchasers of the notes an option to buy up to an additional $75 million worth of the notes within 13 days after the initial issuance.

The software development firm has disclosed that the notes will remain unsecured, with interests payable semi-annually starting in September 2024. Additionally, MicroStrategy will have the right to redeem the notes from March 2028 or holders can request for the company to make a repurchase, with conversion terms determined at the offering’s prices.

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The proceeds and excess funds generated from its upcoming $500 million convertible senior notes sale will be used to expand MicroStrategy’s Bitcoin holdings and for general corporate purposes.

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Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: bitcoinBitcoin adoptionBitcoin newsbitcoin pricebtcBTC newsbtc pricebtcusdBTCUSDTMicrostrategy


Scott Matherson
Scott Matherson
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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