The business intelligence firm said it expects to grant initial purchasers of the notes an option to buy an additional $90 million, making the total potential offering $690 million.
MicroStrategy, a business intelligence firm best known for the cryptocurrency it buys rather than for any product it sells, is planning to purchase even more bitcoin.
- Microstrategy on Tuesday said it intends to offer $600 million aggregate principal amount of convertible senior notes due 2027.
- The once-obscure firm, which jumped into the headlines last August for using treasury funds to buy bitcoin (BTC, -0.63%) and has since loaded up on the leading cryptocurrency to the point its holdings are worth more than $3.5 billion, said it intends to use the net proceeds from the note sale to buy even more.
- The Nasdaq-listed company said it expects to grant initial purchasers of the notes an option to buy an additional $90 million, making the total potential offering $690 million.
- MSTR was trading down nearly 5% during early trading hours Tuesday.
Via https://www.coindesk.com/microstrategy-files-to-offer-600m-in-notes-in-order-to-buy-yet-more-bitcoin