A leading business intelligence company, MicroStrategy (MSTR) stated Friday that it has raised $650 million worth of convertible bonds to fund further Bitcoin buy, underscoring the conviction of CEO Michael Saylor in the digital flagship asset.
Friday, the corporation announced that $650 million in convertible senior bills were issued in 2025 at a cost of 0.750% due. The interest rate is due semi-annually, starting in 2021, on 15 June and 15 December. According to the press release: “MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending identification of working capital needs and other general corporate purposes.”
The rise came to an end just days after the company first revealed plans to leverage Bitcoin profits. MicroStrategy was originally targeted at a raise of $400 million, as Cointelegraph stated. The organization can buy more than BTC 36,300 at market rates at $650 million.MicroStrategy surprised the world at the beginning of this year when it revealed that half of its balance sheet would be transformed to Bitcoin. CEO Michael Saylor at the time said that his business was in a currency “melting ice cube of 500 million dollars.” The company currently sits on 40,824 BTC representing over $734 million. That represents a gain of nearly $260 million from the basis acquisition price.