MicroStrategy Files to Raise $500 Million for Additional Bitcoin Purchase

According to CoinDesk, MicroStrategy has filed to raise $500 million in a convertible debt offering, with plans to use the proceeds to purchase more bitcoin. The company recently closed on an $800 million convertible debt raise, which was upsized from an originally planned $600 million. The proceeds from that raise, along with some existing funds, were used to acquire an additional 12,000 bitcoin for $821.7 million. Following this acquisition, MicroStrategy's bitcoin holdings stood at 205,000, now worth just under $15 billion. Assuming bitcoin remains around its current $73,000 level, the company would be able to purchase approximately 6,800 additional tokens with the proceeds from this latest offering. MicroStrategy has rebranded itself as a Bitcoin Development Company and has been actively increasing its bitcoin holdings in recent months.