Just a day after announcing a $500 million convertible senior note offering to purchase more BTC, among other goals, Michael Saylor’s brainchild increased its target to $700 million.
The company’s shares have been on a wild ride in 2024, perhaps due to the developments around the Bitcoin landscape, but have soared by triple digits since the start of the year.
$500M Not Enough
Ever since August 2020, when it announced its first BTC purchase, the NASDAQ-listed business intelligence software firm has been using various types of funding to accumulate more of the cryptocurrency. One of its methods included going into debt by offering convertible notes.
CryptoPotato reported earlier this week that the company announced plans to offer $500 million aggregate principal amount of convertible senior notes due 2032. However, the firm upped its target on the next day by 40% to $700 million.
The conditions remain the same, meaning that the percentage is still 2.25%, and the due year is 2032. The
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