MicroStrategy is set to offer $500 million in convertible senior notes due in 2032 to finance more Bitcoin acquisitions.This private offering targets qualified institutional buyers and seeks to bolster the company’s resources amid volatile market environments.As of June 13, MicroStrategy holds more than 1% of BTC’s circulating supply, equivalent to 214,400 BTC, valued at approximately $15 billion.Offering detailsMicroStrategy said it will offer initial purchasers an option to acquire an additional $75 million in notes within 13 days of issuance. The convertible senior notes will be unsecured and mature by June 15, 2032. Interest will be payable semi-annually, with the first payment due on December 15, 2024.The firm said it retains the right to redeem the notes for cash, either in full or in part, after June 29, 2029, under specific conditions that provide flexibility in financial management.Investors can convert the notes into cash, MicroStrategy’s class A common stock, or a combination of both. It will offer a versatile financial instrument aligned with the company’s growth and investment strategy. The conversion terms, including the rate and price, will be finalized upon the offering’s pricing.The offering and any subsequent conversion shares of MicroStrategy’s class A common stock will not be registered under the Securities Act or state securities laws. Consequently, they may not be offered or sold in the US without registration or an applicable exemption from registration requirements.MicroStrategy said it will use the proceeds to bolster its investment in Bitcoin while addressing general corporate purposes in line with Chair Michael Saylor’s commitment to the asset.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics. Essential crypto updates and analyses. Straight to your inbox, every day.The CEO of ERCOT advocated for increasing Bitcoin miners’ participation as Controllable Load Resources to enhance stability of Texas power grid.Amani said that certain teams and developers want to takeover the network and will announce their intent on the governance forums.The ruling finds the defendants guilty of multiple securities law violations and imposes stringent penalties and restrictions on their future activities.The survey of Fortune 500 companies — conducted by The Block on behalf of Coinbase — revealed a 14-point drop in developer share over the past five years despite an uptick in the top companies moving on-chain.The survey of Fortune 500 companies — conducted by The Block on behalf of Coinbase — revealed a 14-point drop in developer share over the past five years despite an uptick in the top companies moving on-chain.Ongoing decline in readily tradable Bitcoin sees liquid supply reaching new lows.Experts said the current reading show that the core inflation has dropped to its lowest since April 2021.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
