MicroStrategy issues $600 million in bonds to buy more Bitcoin

The $600 million convertible bonds will mature in March 2030, unless redeemed or converted to cash or MicroStrategy stock before then. MicroStrategy, a public company holding $13.3 billion in Bitcoin (BTC), announced a private offering of $600 million in convertible bonds for professional investors. The company plans to use the proceeds to buy more BTC.

MicroStrategy will also grant debt purchasers the option to purchase up to an additional $90 million within 13 days of initial issuance. Convertible bonds mature on March 15, 2030, unless redeemed or converted in advance according to regulations. The debt certificates may be convertible into cash, MicroStrategy Class A common stock or a combination of both. The stock price of the company famous for its commitment to Bitcoin reserves soared more than 23% in the first trading session of the week in the United States. However, the upward momentum did not last long until the parent company and co-founder and executive chairman

Michael Saylor announced plans to issue debt certificates. At the same time, the world's largest cryptocurrency also had a remarkable run last night, officially surpassing the threshold of 68,686 USD, setting an ATH in several countries and only remaining more than 300 prices away from its old peak.

MicroStrategy started buying Bitcoin seriously in 2020 and held constant losses for a long time. Since then, the market capitalization has reached more than 22 billion USD, and the company's value has also increased tenfold.

With an average purchase price of $31,780, MicroStrategy's massive Bitcoin portfolio is currently worth more than $13.3 billion, recording a profit of $7.1 billion. Last month, the company purchased an additional 3,000 Bitcoin, bringing its holdings to 193,000 BTC.