MicroStrategy Executive Chairman Michael Saylor recently announced that his firm has purchased an additional 11,931 Bitcoins at an average price of ~$65,883 per Bitcoin. This development has given some upside push to the Bitcoin (BTC) price currently trading 1.46% up at $65,995 with a market cap of $1.3 trillion.
MicroStrategy Raises $800 Million From Convertible Notes
A week before, MicroStrategy (NASDAQ: MSTR) announced its $800 million convertible notes offerings in its commitment to increase its Bitcoin holdings. The notes will reach maturity in 2032 with a 2.25% interest rate, paid semi-annually beginning on December 15, 2024. These notes are basically unsecured, senior obligations of MicroStrategy.
These notes can either be converted into cash, shares of MicroStrategy class A common stock, or a combination of both, as per the company’s discretion. Before December 15, 2031, these conversions can happen only under specific conditions and designated periods, as per the MicroStrate
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