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MicroStrategy Pumps Up $700M Offering

Bitcoin's largest corporate holder is getting its hands on more cash via a convertible note offering.
Jack Inabinet Jack Inabinet Jun 14, 20241 min read
MicroStrategy Pumps Up $700M Offering

Michael Saylor’s MicroStrategy is seeking to raise over $700M for the purchase of BTC.

What’s the scoop?

  • Prior Offering: MicroStrategy announced yesterday that it would offer $500M of unsecured senior loan obligations that can be converted into shares; buyers of these instruments would have the ability to purchase an additional $75M of the notes within two weeks of their issuance. 
  • Increased Ask: Today, the initial MicroStrategy debt offering amount was increased to $700M, with $100M in additional bonds to be made available for sale to purchasers in the two weeks after their issuance.
  • Recent Redemption: This latest offering comes just one day after MicroStrategy announced that it would redeem $650M of convertible debt set to mature in 2025 with shares of MSTR.

Bankless Take:

MicroStrategy has made no secret that it is willing to dilute existing shareholders to purchase even more BTC, a strategy that has proved successful beyond anyone’s wildest imaginations since its adoption by the firm in 2020.

Although other major American corporations have surprisingly failed to implement similar BTC treasury strategies this cycle despite the token’s rise in price and easy availability through ETF wrappers, many are hopeful that memestock GameStop (GME) could soon deploy its cash hoard into BTC.


Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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