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MicroStrategy has increased its convertible senior note offering to a staggering $2.6 billion, a significant rise from the initially planned $1.75 billion. The business intelligence giant aims to channel these funds into further bitcoin acquisitions and other corporate needs. This move underscores the firm’s robust commitment to expanding its bitcoin portfolio, which currently boasts holdings worth approximately $29.7 billion.
Scheduled to close on November 21, the offering targets qualified institutional buyers, offering notes due in 2029 at 0% interest. These notes are convertible into cash or MicroStrategy class A common stock, providing the company with financial flexibility. An additional $400 million may be available if initial buyers opt to exercise their purchase option within three days of issuance.
The anticipation around this strategic financial move has sparked a 6.3% increase in MicroStrategy’s pre-market share price. With the stock soaring over 117% in the past month and 521% year-to-date, this latest financial maneuver is set to further cement MicroStrategy’s position as a leading player in the cryptocurrency investment space.
