MicroStrategy Incorporated (NASDAQ:MSTR) has successfully completed an upsized private offering of convertible senior notes, totaling $800 million in aggregate principal amount, as reported in a recent SEC filing.
This offering includes a 0.625% coupon and a 42.5% conversion premium over the last reported sale price of MicroStrategy's Class A common stock as of March 5, 2024.
The move was well-received in the marketplace, raising net proceeds of approximately $782 million for the company.
Following the offering, between February 26, 2024, and March 10, 2024, MicroStrategy utilized about $781.1 million from these proceeds alongside $40.6 million of excess cash to purchase approximately 12,000 bitcoins at an average price of $68,477 each, including fees and expenses.
As of March 10, 2024, the company and its subsidiaries hold approximately 205,000 bitcoins with an aggregate purchase price of around $6.91 billion, showcasing a significant commitment to bitcoin investment as part of its financial strategy.