Microstrategy can’t get enough bitcoins, raising the latest to $700 million

Microstrategy can't get enough bitcoins.

After a day Announcement It had planned to issue $500 million worth of unsecured highly convertible notes to buy more BTC and increase its record holdings, and the firm offered $700 million today.

The company said in an announcement on Friday morning that it could raise up to $786 million from the offering for BTC and general corporate purposes, if initial purchasers exercise their option to purchase additional notes.

MicroStrategy, an American software company founded by a well-known Bitcoin expert Michael SaylorIt is already far and away the largest institutional owner of the world's top cryptocurrency.

Prior to this week's announcements, the company held 214,400 BTC—which is worth it 14.3 billion dollars Writing. Microstrategy manually controls more than 1% of the cryptocurrency's total supply, held at 21 million BTC. There are currently over 19.7 million BTC in circulation.

The notes bear interest at 2.25% per annum, payable on June 15 and December 15 of each year, beginning this December. They will mature in June 2032 unless redeemed, redeemed or converted earlier.

After tripling on Bitcoin, MicroStrategy finds its wealth more closely tied to the crypto token. As the price of BTC began to slide after reaching an all-time high in late 2021, MicroStrategy Stock (MSTR) fell along with it.

One day in June 2022, as the crypto winter ravaged Bitcoin's price, MSTR stock fell a staggering 25 percent to $152.15. The act is so serious that micro-strategy a Margin call.

As BTC has rallied in recent months, however, the micro strategy has reaped its benefits. The company's stock has more than doubled in value over the past year; Shortly after Bitcoin reached its all-time high in late March, it reached a value of nearly $2,000. Record value Over $73,700.

Edited by Andrew Hayward.