MicroStrategy Seeks To Raise $600M Via Debt To Purchase Bitcoins - MicroStrategy (NASDAQ:MSTR)

MicroStrategy Incorporated (NASDAQ: MSTR) will sell $600 million convertible senior notes due 2027 to acquire additional bitcoins. The buyers have 13 days to purchase additional notes worth $90 million.
The notes will bear interest payable semi-annually and will mature on February 15, 2027.
The notes will be convertible into cash, shares of MicroStrategy’s, or a combination of cash and shares of MicroStrategy.
Reuters notes that the company’s CEO Michael Saylor is one of the most vocal proponents of bitcoin. The company already owns roughly 72,000 bitcoins, valuing its bitcoin holdings at about $3.6 billion.
Bitcoin surpassed the $50,000 level with the growing acceptance of the digital currency led by proponents like Tesla Inc’s NASDAQ: TSLA) CEO Elon Musk.
Tesla purchased bitcoin worth $1.5 billion on Monday and acknowledged it as a payment mode for its products, as per CNBC. Musk’s frequent tweets advocating cryptocurrencies, including the addition of #bitcoin to his Twitter bio, have left a positive impact on the cryptocurrency prices.
Mastercard Inc. (NYSE: MA) and Bank of New York Mellon Corp.’s (NYSE: BK) recent efforts towards simplifying the cryptocurrency procedures for its customers, including Morgan Stanley’s (NYSE: MS) $150 billion investment unit Counterpoint Global possible foray into bitcoin acted as additional catalysts towards the boom.
MSTR shares have climbed 655% in the last six months.
Price action: MSTR shares are down 3.51% at $998 on the last check Tuesday.

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