MicroStrategy Incorporated (Nasdaq: MSTR) today announced that it intends to offer $500 million aggregate principal amount of convertible senior notes due 2032 in a private offering. MicroStrategy also expects to grant to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $75 million aggregate principal amount of the notes.
MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes.
MicroStrategy has adopted a business model of selling shares and buying bitcoin. The company now holds over 214,000 bitcoin worth $14+ billion. The bitcoin race to hodl as many bitcoin as possible continues.
Update: MicroStrategy has increased the pricing to $700 million.