MicroStrategy raises convertible notes offering to $700M amid stock rally
The firm previously announced a $600 million convertible raise on March 4.
Corporate Bitcoin (BTC) investor MicroStrategy is seeking to sell $700 million, up from $600 million announced just days prior, in convertible notes amid an ongoing cryptocurrency bull market.
According to details disclosed on March 6, the 2030 MicroStrategy convertible notes will bear an interest rate of 0.625% per annum with a conversion price of $1,497.68 per share, representing a premium of 21% compared to its current trading price of $1,234.48 at the time of publication.
"Holders of notes may require MicroStrategy to repurchase their notes on September 15, 2028, or upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest," the firm said.
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