Michael Saylor's MicroStrategy to Raise $600M to Buy More Bitcoin

Taking advantage of a massive run-up in the stock, the company is looking to add to its 193,000 bitcoin stack.

AccessTimeIconMar 5, 2024 at 2:37 p.m. UTC
Updated Mar 9, 2024 at 1:42 a.m. UTC
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MicroStrategy (MSTR) Tuesday evening announced plans to raise $600 million by selling convertible debt in a private offering, with intentions of using the funds to buy acquire more bitcoin (BTC).

Helmed by its founder, former CEO and now Executive Chairman Michael Saylor, the company has been a relentless accumulator of bitcoin since mid-2020. At last check, MicroStrategy held 193,000 tokens worth more than $13 billion at the current price of $67,500.

"MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes," the company said in a press release.

In issuing the convertible paper, MicroStrategy is taking advantage of a major run-up in its stock price, the shares having nearly doubled in 2024, including a 24% advance in yesterday's market action. MSTR is lower by 6% in early trading on Tuesday.

Edited by Stephen Alpher.


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Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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