MicroStrategy, a business intelligence firm best known for the cryptocurrency it buys rather than for any product it sells, is planning to purchase even more bitcoin.
- Microstrategy on Tuesday said it intends to offer $600 million aggregate principal amount of convertible senior notes due 2027.
- The once-obscure firm, which jumped into the headlines last August for using treasury funds to buy bitcoin and has since loaded up on the leading cryptocurrency to the point its holdings are worth more than $3.5 billion, said it intends to use the net proceeds from the note sale to buy even more.
- The Nasdaq-listed company said it expects to grant initial purchasers of the notes an option to buy an additional $90 million, making the total potential offering $690 million.
- MSTR was trading down nearly 5% during early trading hours Tuesday.
This is a developing story and will be updated.