MicroStrategy, the U.S.-listed company known for its aggressive Bitcoin accumulation, has announced plans to sell convertible senior notes worth up to $875 million. This marks the company’s third corporate bond issuance of 2024, led by its founder, Michael Saylor.
Initially planned at $700 million, the bond offering was increased to $875 million in an official statement on the 18th of September. The bonds, maturing in 2028, carry a 0.625% interest rate and are targeted towards institutional investors.
In its announcement, MicroStrategy outlined the key terms of the convertible bonds:
After deducting fees, MicroStrategy is expected to net approximately $864.1 million from the issuance. The funds will primarily be used to redeem a previous $500 million bond due in 2028, while any remaining capital will be allocated to purchasing additional Bitcoin and for general corporate purposes.
Following the bond announcement, Bitcoin surged past $62,000, and MicroStrategy’s stock saw a 2.31% increase in after-hours trading, reaching $135.74 per share.
Despite the sluggish Bitcoin market over recent months, MicroStrategy has consistently increased its holdings. According to the latest figures from BitcoinTreasuries, the company’s Bitcoin reserves have grown from 214,400 BTC in June to 244,800 BTC, at a cost of $9.45 billion. Currently, the value of these holdings stands at $15.1 billion, with unrealised profits of $5.65 billion.
MicroStrategy Bitcoin Positioning
While a significant portion of the newly raised funds will be used for debt repayment, MicroStrategy remains committed to further Bitcoin accumulation, with the milestone of holding 250,000 BTC likely to be reached soon.
Read more: MicroStrategy purchased an additional 18,300 Bitcoins worth $1.1 billion in the past month
At TOKEN2049 Singapore, Vitalik Buterin delighted the audience with a surprise performance of the Castle in the Sky theme song. He also discussed Ethereum’s reduced transaction fees as crucial for mainstream adoption and emphasized the need to balance decentralisation with practicality.
CatherineAccording to data collected on the chain, China's cryptocurrency holdings are estimated at $11 billion, and the US government's holdings are ranked first at $12.2 billion. In terms of companies, Musk's Tesla ranked only fourth, lagging behind MicroStrategy's $14.768 billion.
AlexLouisiana to accept cryptocurrency for state services, while Donald Trump buys burgers with Bitcoin, marking a milestone for digital payments.
Xu LinBitcoin's bullish trend aligns with the Fed’s aggressive rate cuts and economic optimism, though election uncertainty looms large.
WenJunBhutan has become a major Bitcoin player by mining 13,011 BTC, worth around $780 million, through a partnership with Bitdeer and using its hydropower resources. This mining initiative, which has boosted Bhutan’s capacity to 600 megawatts, represents a third of its GDP and reflects a strategic shift towards digital assets.
AnaisDBS is launching over-the-counter cryptocurrency options trading and structured notes for institutional and accredited clients, becoming the first Asian bank to offer products directly linked to Bitcoin and Ethereum.
AnaisGold prices have reached a new high, driven by expected Fed rate cuts and heightened safe-haven demand. While Bitcoin’s role as a safe-haven asset is under scrutiny, its future performance will depend on how it responds to changes in market liquidity.
Xu LinMichael Saylor's software firm MicroStrategy now holds over $14 billion worth of Bitcoin after four years of buying up BTC.
DanteSpot Bitcoin ETFs in the U.S. saw $39.02 million in inflows, led by Ark’s ARKB fund, as Bitcoin neared $58,000.
Xu LinIn a high-stakes legal showdown, the UK High Court delves into the mystery of Bitcoin's creator as the Crypto Open Patent Alliance challenges Craig Wright's bold claims. With a rejected settlement offer adding drama, the courtroom spectacle unfolds, promising a thrilling saga of legal battles and the quest to unveil the true identity behind Satoshi.
JoyBithumb slashes fees and expands Maker Rewards, offering luxury benefits to black level members, setting new industry standards for value and service.
BrianWeb3Auth launches 'Wallet Services,' aiming to streamline web3 development with pre-built templates and introduces 'Pregenerated Wallets' for simplified user engagement.
JoyOKX Web3 Wallet pioneers by integrating ARC-20, SRC-20, DRC-20, and Runes, revolutionizing the Web3 industry with diverse tokens, zero-fee NFT trading, and post-Bitcoin halving prospects.
WeiliangTaproot Wizards' Quantum Cats faces its third delay, spotlighting challenges and potential in the evolving digital asset and blockchain industry.
MiyukiStride's stTIA launch and STRD airdrop enhance Cosmos' DeFi, rewarding users, fostering community growth, and promoting long-term stability through strategic token distribution and inclusive participation mechanisms.
WeiliangFetch.ai confronts legal challenges with a strategic shift from the UK to Dubai, navigating a transformative journey in the blockchain realm. Founder Humayun Sheikh's resilience and FET cryptocurrency's market impact signify Fetch.ai's commitment to innovation amid adversity.
JoyTreasureDAO delays its Litepaper release, integrating MAGIC as Gas, heralding a strategic evolution in the blockchain gaming sector.
MiyukiThe SEC's extension on the Invesco Galaxy Ethereum Spot ETF decision signifies a critical juncture in integrating cryptocurrency into regulated financial markets, balancing innovation with market integrity.
AlexGoMining revolutionises Bitcoin mining by leveraging powerful computers, LBH tokens, and NFTs, democratising the industry. With a low-risk profile, a market value of $0.39, and innovative features like the Mine Box Collection, GoMining paves the way for accessible and rewarding cryptocurrency investments.
Joy