Michael Saylor’s strategy purchased 20,356 bitcoins for nearly $1.99B after completing a private offering of $2B in convertible senior notes.
Michael Saylor’s strategy, which was once known as MicroStrategy, has resumed its buying binge for Bitcoin, barely one week after it stopped buying and selling shares of the cryptocurrency.
With the acquisition of 20,356 bitcoins for nearly $1.99 billion, the corporation, which is now operating under the name “Strategy,” made the announcement.
Michael Saylor’s Strategy Expands Bitcoin Holdings with $2B Purchase
Michael Saylor’s strategy, which was formerly known as MicroStrategy, has revealed that it has successfully completed a private offering of convertible senior notes with a face value of $2 billion and a maturity date of 2030.
A coupon of 0% is attached to the notes, and they can be converted into stock at a premium of 35% over the current stock price. After deducting all the costs associated with the offering, we left behind about $1.99 billion.
The corporation stated that it will use the funds for general corporate objectives, including the acquisition of additional Bitcoin.
Investors can convert each $1,000 note into 2.3072 shares of Strategy’s Class A common stock at a price of $433.43 per share through the transaction of convertible notes.
Compared to the most recent pricing on the market, this price is significantly higher. The first purchasers were also provided the opportunity to purchase an additional $300 million in notes, which were accessible until February 27, 2025.
Consequently, MicroStrategy has acquired 20,356 Bitcoins at an average price of $97,514 per BTC between the 18th of February and the 23rd of February, 2025.
