Market Overview

MicroStrategy Seeks To Raise $600M Via Debt To Purchase Bitcoins

MicroStrategy Seeks To Raise $600M Via Debt To Purchase Bitcoins
  • MicroStrategy Incorporated (NASDAQ: MSTRwill 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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