MicroStrategy has raised $650 million worth of convertible bonds to finance more Bitcoin
MicroStrategy, the largest independent publicly-traded business intelligence company announced on Dec.11 it raised $650 million worth of convertible senior notes at a rate of 0.750% due in 2025, up from a recently boosted $550 million, in a convertible senior note sale designed to allow the company to buy more bitcoin. At $650 million, MicroStrategy can purchase over 36,300 BTC at current prices.
“MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending identification of working capital needs and other general corporate purposes.” said in the press release.
The business intelligence company currently sits on 40,824 BTC representing over $734 million. That represents a gain of nearly $260 million from the basis acquisition price.
As AZCoin News reported Thursday, Massachusetts Mutual Life Insurance Company (MassMutual), founded in 1851, bought $100 million of bitcoin for its general investment account, making it one of the largest corporate holders.
- MicroStrategy Is Planning On Buying $400 Million Bitcoin
- MicroStrategy Purchased 2,574 Bitcoins For $50.0 Million