MicroStrategy Upsizes Convertible Notes Offering To $2.6 Billion For Bitcoin Purchases

Benzinga11-20 22:59

MicroStrategy Incorporated MSTR on Wednesday announced an increase in its convertible senior notes offering to $2.6 billion from its initial $1.75 billion, signaling its continued aggressive stance on...

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class=\"title\">\nMicroStrategy Upsizes Convertible Notes Offering To $2.6 Billion For Bitcoin Purchases\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-20 22:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cryptocurrency/24/11/42090657/microstrategy-upsizes-convertible-notes-offering-to-2-6-billion-for-bitcoin-purchases><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>MicroStrategy Incorporated MSTR on Wednesday announced an increase in its convertible senior notes offering to $2.6 billion from its initial $1.75 billion, signaling its continued aggressive stance on...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/24/11/42090657/microstrategy-upsizes-convertible-notes-offering-to-2-6-billion-for-bitcoin-purchases\">Source 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continued aggressive stance on Bitcoin BTC/USD accumulation.\nThe company plans to use the net proceeds to acquire additional Bitcoin and for general corporate purposes.\nWhat Happened: This announcement comes as Bitcoin's price surges past $94,000, propelling MicroStrategy's market capitalization to $96.73 billion, surpassing the combined value of Newmont Corporation NEM and Barrick Gold GOLD, the world's two largest gold mining companies.\nThe 0% convertible senior notes, due 2029, will be offered to qualified institutional buyers under Rule 144A of the Securities Act and certain non-U.S. persons in compliance with Regulation S. \nWith an initial conversion price set at $672.40 per share—a 55% premium over the November 19 closing price—the offering highlights strong institutional demand.\nMicroStrategy expects to raise $2.58 billion in net proceeds, potentially reaching $2.97 billion if initial purchasers exercise their option to acquire additional notes. \nThe offering is set to close on Nov. 21, pending customary conditions.\nThe upsized offering underscores MicroStrategy's commitment to Bitcoin as a treasury reserve asset, a strategy that has significantly boosted its market value.\nAlso Read: Robinhood Positioned As Top ‘Crypto Deregulation’ Trade, Says Bernstein\nWhy It Matters: The company's valuation now outpaces Newmont's $49.16 billion and Barrick Gold's $31.11 billion, reflecting the growing influence of digital assets over traditional commodities.\n\"MicroStrategy's market cap exceeding these gold giants demonstrates the transformative potential of Bitcoin,\" said Peter Schiff, who questioned whether MicroStrategy could soon surpass the entire gold mining industry's capitalization.\nMicroStrategy's stock has surged 3.36% in pre-market trading, driven by Bitcoin's rally to over $94,000.\nThe company recently acquired 51,780 bitcoin between Nov. 11 and 17 for $4.6 billion, further consolidating its position as the largest corporate holder of the cryptocurrency.\nIts Bitcoin holdings now exceed 331,000 BTC, with a cumulative acquisition cost of over $16 billion.\nExecutive chairman Michael Saylor has positioned Bitcoin as a hedge against inflation, a strategy initiated in 2020 that has paid off amid surging cryptocurrency prices.\nWhile MicroStrategy doubles down on Bitcoin, other major players like Goldman Sachs GS continue to focus on traditional assets. \nGoldman recently projected gold prices to reach $3,000 per ounce by the end of 2025, emphasizing its role as a leading commodity trade.\nRead Next: Coinbase CEO Brian Armstrong Backs DOGE Initiative: How Blockchain Could Transform Government Efficiency Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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