Advertisement
UK markets closed
  • NIKKEI 225

    39,667.07
    +493.92 (+1.26%)
     
  • HANG SENG

    18,089.93
    +17.03 (+0.09%)
     
  • CRUDE OIL

    81.31
    +0.48 (+0.59%)
     
  • GOLD FUTURES

    2,312.80
    -18.00 (-0.77%)
     
  • DOW

    39,157.96
    +45.80 (+0.12%)
     
  • Bitcoin GBP

    48,367.28
    -136.03 (-0.28%)
     
  • CMC Crypto 200

    1,266.12
    -17.66 (-1.38%)
     
  • NASDAQ Composite

    17,754.78
    +37.12 (+0.21%)
     
  • UK FTSE All Share

    4,480.66
    -12.41 (-0.28%)
     

MicroStrategy Increases Convertible Note Sale by 40% to $700 Million

(Bloomberg) -- MicroStrategy Inc. increased its convertible note offering by 40% to $700 million, a day after the enterprise software maker announced plans to use the proceeds raised to buy more Bitcoin.

Most Read from Bloomberg

The largest publicly-traded corporate holder of Bitcoin said in a statement Friday that the notes maturing in 2032 will be priced to yield 2.25%. The firm also granted buyers the option of purchasing another $100 million of the senior securities.

ADVERTISEMENT

Michael Saylor, the chairman and co-founder of MicroStrategy, started buying Bitcoin in 2020 as an inflation hedge and alternative to holding cash. MicroStrategy has amassed about $12.7 billion of Bitcoin, or more than 1% of all the cryptocurrency ever created. The original digital asset is up more than 600% since Saylor began buying.

Bitcoin has gained around 60% so far this year, driven in part by optimism over the launch of US exchange-traded funds investing directly into the cryptocurrency. MicroStrategy’s shares have risen about 135% during the same period.

(Adds share price history in the final paragraph.)

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.