Saylor’s Strategy proposes $2B convertible note offering to buy more Bitcoin
Michael Saylor’s Strategy is looking to raise another $2 billion via 0% convertible notes to purchase more Bitcoin, potentially adding to the firm’s 478,740 Bitcoin stash.
The business intelligence services and Bitcoin buying firm formerly known as MicroStrategy is looking to raise another $2 billion through 0% senior convertible notes to purchase more Bitcoin.
The first note buyers have the option to buy up to an extra $300 million more worth of notes, which can be used within five business days after they’re issued, Strategy said in a Feb. 18 statement.
The firm added it intends to use the net proceeds from the offering to buy more Bitcoin and for working capital.
Senior convertible notes are a debt security that can be converted into equity at a later date. They’re senior to common stock in the sense that holders have priority in the event of bankruptcy or liquidation.
Senior convertible notes have been one of the main instruments Strategy has used to execute its 21/21 Plan — targeting $42 billion in capital over the next three years, split equity and fixed-income securities — in order to buy more Bitcoin.
The plan was orchestrated by Strategy’s executive chairman and co-founder Michael Saylor.
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The company has already completed over half of that $42 billion capital plan since it was announced on Oct. 30 — purchasing nearly 200,000 Bitcoin since then, bringing its total stash to 478,740 Bitcoin and making it the world’s largest corporate Bitcoin holder, BitBo’s BitcoinTreasuries.NET data shows.
The proposed notes will mature on March 1, 2030, unless earlier repurchased, redeemed or converted, and are “subject to market and other conditions.” Strategy said.
Strategy (MSTR) shares did not see a significant move on the news. MSTR closed down just over 1% on Feb. 18 and traded flat after hours, Google Finance data shows.
Strategy shares are, however, up 372% over the last 12 months, making it one of the best performers in the US stock market over the last year.
Despite the Bitcoin purchases, which were accompanied by a Bitcoin price rise, Strategy reported a $670.8 million net loss in Q4.
