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

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.

MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes $MSTR https://t.co/PEN5dxesIb

— Michael Saylor⚡️ (@saylor) March 4, 2024

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.