MicroStrategy set to raise $600M via convertible notes to buy more Bitcoin

Microstrategy – a leading business intelligence firm is set to raise $600 million to issue an financial instrument called ‘convertible notes’ to buy more Bitcoin. 

 

According to the latest post, the firm plans to issue ‘senior convertible notes’ – a debt security investment different from the common stock. The term ‘senior’ here means that in an event of liquidation or bankruptcy the holders of these notes will receive higher priority to disburse the money. This convertible senior currency will mature on March 15, 2030.

 

The convertible senior currency will be a mix of Microstrategy stocks and cash or just the stock.

 

At the time of writing, the price of Microstrategy (MSTR) stood at $1246.21 and BTC at $66,760.80. Microstrategy share price has seen a 145.31% price spike in the past 30 days. 

 

Michael Saylor, CEO of Microstrategy has been the jubilant advocate of Bitcoin. According to BitcoinTreasuries the firm holds 193,000 BTC amounting to a whooping $13 billion. 

 

 

Source: Cointelegraph