MicroStrategy has increased its convertible senior note offering to $2.6 billion, up from $1.75 billion, to acquire more bitcoin and for general corporate purposes. The notes, due 2029, will be issued to qualified institutional investors and are convertible into cash or stock. The offering is expected to close on Nov. 21, with an option for initial purchasers to buy an additional $400 million in notes. The proceeds could reach $2.97 billion if the option is exercised. MicroStrategy continues to use debt financing to expand its bitcoin holdings, having recently acquired 51,780 BTC for $4.6 billion. The company now holds 331,200 BTC, valued at $29.7 billion, purchased at an average price of $49,874 per bitcoin. MicroStrategy's share price has risen significantly, reflecting investor confidence in its strategy.

MicroStrategy has significantly increased its bitcoin holdings, now owning 1.7% of the total circulating supply, amounting to 331,200 BTC valued at $30.9 billion. This aggressive acquisition strategy positions MicroStrategy ahead of potential US government plans to create a strategic bitcoin reserve. Despite no official confirmation of such a reserve, the possibility has been speculated, with a proposed target of 1 million BTC. MicroStrategy's bitcoin purchases have been substantial, with recent acquisitions reaching $657 million over a week, influencing bitcoin prices. The company's stock, MSTR, has seen a 3,000% increase over five years, closely tied to the value of its bitcoin holdings. This correlation suggests resilience against bitcoin price downturns, benefiting shareholders and executives, who have sold significant shares this year. The strategy highlights the impact of large-scale bitcoin investments on both asset prices and company valuation.

 This is a segment from the Empire newsletter. To read full editions, subscribe.        If the US government really intends to create a strategic bitcoin reserve, it will need to compete with MicroStrategy.    As it stands, the velocity of MicroStrategy’s bitcoin buying has exploded, to the point that it now holds 331,200 BTC ($30.9 billion), or 1.7% of the circulating supply.    For scale, Sen. Lummis has pitched a 1 million BTC target for the government reserve, worth $93.2 billion at current prices. In July, the latest figures showed the US holding over $608 billion in gold certificates in its strategic reserve.    To be clear, there’s no official indication that the US will actually make bitcoin its fifth reserve asset (Polymarket puts the current chance at 36%). And as Blockworks’ Byron Gilliam pointed out in his newsletter yesterday, it could even be a really bad idea.    Let’s say it does happen. That would mean MicroStrategy is frontrunning the US government at size, potentially driving up prices before the reserve buys its first, very hypothetical, coins.    Mapping exactly when MSTR buys its bitcoin — to perhaps find positive correlation between the price of BTC and the firm’s trades — is unfortunately impossible with the publicly-available data.    MicroStrategy does disclose the number of bitcoins it buys alongside its total dollar spend. But it generally only offers a range of dates on which those trades were made.    Still, averaging those figures out shows that over most of the past three years, MicroStrategy would’ve spent up to several millions of dollars on BTC per day during its buying sprees. Those sprees often last for over a month, according to its filings.    A range of dates wasn’t disclosed for those massive purchases on the left side of the chart (the green, peach and pink plus symbols). They were huge in any case.    By March of this year, when bitcoin was setting all-time highs around $74,000, that number had jumped to $80 million per buying day.    Come early November, it was $190 million, before ramping up to over $657 million last week — $4.6 billion on 51,780 BTC between Nov. 11 and Nov. 17, at an average price of $88,627.    The price of bitcoin climbed up to 14% across that period, from $80,000 to more than $91,000.    Saylor has previously said that MSTR has bought bitcoin on spot markets, but that was early on.    It could be that the firm these days acquires bitcoin over the counter, which would dampen direct impact. The sheer size of the buys, however, would probably still influence prices somewhere down the line.    Linking MicroStrategy’s bitcoin buys and its share price is far more straight-forward.    MSTR has gone over 3,000% in the past five years or so, compared to 800% for bitcoin    There was a time when MicroStrategy stock (in blue) was weighed down by its bitcoin (the orange area in the background) — leading the two assets to closely track each other in the bear market.    All that changed in late February, when Saylor announced his company had added 3,000 BTC ($155 million then, $280 million now). MSTR stock then jumped 27% in two days, and bitcoin went on to set an all-time high three weeks later.    MSTR has been tightly correlated with the dollar value of its bitcoin treasury ever since — not the price of bitcoin — swelling its market cap from $10 billion to nearly $100 billion.    If that persists, MSTR’s share price might be resistant to bitcoin downturns as long as it buys the dip, which it probably will, considering the debt raises keep coming. In the meantime, shareholders are no doubt enjoying the show.    As would MicroStrategy execs and insiders, who’ve now offloaded almost $559 million in company shares so far this year, per OpenInsider data, which compiles SEC filings (almost three-quarters going to Saylor, who’s said that he intends to buy bitcoin himself).    And they say the key to building generational wealth is diversification.        Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.    Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.    Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.    The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus. 

MicroStrategy's Bitcoin Strategy: Dominating Holdings and Market Impact

MicroStrategy Inc. is accelerating its Bitcoin acquisition strategy by increasing its convertible note sale by nearly 50% to fund further cryptocurrency purchases. The company, now identifying as a Bitcoin Treasury firm, aims to raise $42 billion over the next three years to expand its Bitcoin holdings. Recently, MicroStrategy purchased a record $4.6 billion worth of Bitcoin, funded through a stock share program. The $2.6 billion from the 0% senior note offering will be used to augment its current $31 billion Bitcoin reserve.

MicroStrategy Inc. is accelerating its pace of Bitcoin buying by increasing the amount of convertible notes it’s selling by almost 50% to fund additional purchases of the cryptocurrency. The once obscure software maker, which now calls itself a Bitcoin Treasury company, is moving rapidly to meet a goal announced last month of raising $42 billion in capital over the next three years to buy more Bitcoin. MicroStrategy said Monday that it bought a record $4.6 billion of the tokens, funded through an at-the—market stock share program. It will use the $2.6 billion raised from the 0% senior note offering to add to its roughly $31 billion stockpile. 

MicroStrategy Accelerates Bitcoin Purchases, Increases Convertible Note Sales

MicroStrategy today announced the pricing of its offering of $2.6 billion aggregate principal amount of its 0% convertible senior notes due 2029. MicroStrategy intends to use the net proceeds from the offering to acquire additional bitcoin and for general corporate purposes. The offering was upsized from the previously announced offering of $1.75 billion aggregate principal amount of notes. The offering is expected to close on November 21, 2024. 

PANews reported on November 19 that, according to an announcement on MicroStrategy's official website, MicroStrategy has priced its $2.60 billion zero-coupon convertible senior notes due in 2029, which is an increase from the previously announced $1.75 billion total principal amount of notes. This offering is expected to be completed on November 21, 2024, subject to customary closing conditions.
The initial conversion rate for the notes is 1.4872 shares of MicroStrategy Class A common stock for every $1,000 principal amount of notes, which corresponds to an initial conversion price of approximately $672.40 per share. The initial conversion price represents a premium of about 55% over the volume-weighted average price of MicroStrategy Class A common stock in the United States during the period from 1:30 PM to 4:00 PM Eastern Standard Time on November 19, 2024 (which was $433.7997). The conversion rate will be adjusted based on the occurrence of certain events.
MicroStrategy estimates that the net proceeds from the sale of these notes, after deducting discounts and commissions to the initial purchasers and estimated offering expenses payable by MicroStrategy, will be approximately $2.58 billion (or approximately $2.97 billion if the initial purchasers fully exercise their option to purchase additional notes). MicroStrategy intends to use the net proceeds from this offering to acquire more Bitcoin and for general corporate purposes.

PANews reported on November 19 that MicroStrategy announced the pricing of its $2.60 billion principal amount zero-coupon convertible senior notes due in 2029, which is an increase from the previously announced $1.75 billion principal amount notes offering. This issuance is expected to be completed on November 21, 2024, subject to customary closing conditions.

The initial conversion rate of the notes is 1.4872 shares of MicroStrategy Class A common stock per $1,000 principal amount of notes, representing an initial conversion price of approximately $672.40 per share. The initial conversion price reflects a premium of about 55% over the volume-weighted average price of MicroStrategy Class A common stock of $433.7997 during the period from 1:30 PM to 4:00 PM Eastern Standard Time on November 19, 2024. The conversion rate will be adjusted based on the occurrence of certain events.

MicroStrategy estimates that the net proceeds from the sale of these notes, after deducting the initial purchasers' discounts and commissions and the estimated offering expenses payable by MicroStrategy, will be approximately $2.58 billion (or about $2.97 billion if the initial purchasers fully exercise their option to purchase additional notes). MicroStrategy intends to use the net proceeds of this offering to acquire more Bitcoin and for general corporate purposes.

MicroStrategy increases the issuance scale of its zero-coupon convertible senior notes to 2.60 billion USD, with a portion of the net proceeds to be used for purchasing Bitcoin.

MicroStrategy announced that it will issue $2.60 billion in convertible senior notes, with the proceeds intended for purchasing Bitcoin. This issuance is larger than the previously announced $1.75 billion notes and is expected to be completed by November 21, 2024.

BlockBeats News, November 20th, MicroStrategy announced that it will issue $2.6 billion worth of convertible senior notes and will use the proceeds to purchase Bitcoin. This issuance is larger than the previously announced $1.75 billion principal amount of notes, and the offering is expected to close on November 21, 2024.

MicroStrategy will issue $2.60 billion in notes to purchase Bitcoin.

According to BlockBeats, on November 20, MicroStrategy announced that it will issue convertible senior notes worth $2.60 billion and use the proceeds to purchase Bitcoin. This issuance is larger than the previously announced total principal amount of $1.75 billion in notes, with the issuance expected to conclude on November 21, 2024.

MicroStrategy will issue $2.60 billion in convertible senior notes, the proceeds of which will be used to purchase Bitcoin.

MicroStrategy has increased its private offering of convertible senior notes from $1.75 billion to $2.6 billion to fund Bitcoin acquisitions. The zero-interest notes, maturing on December 1, 2029, are convertible into cash, MicroStrategy’s Class A common stock, or both. The initial conversion price is set at $672.40 per share, a 55% premium over the November 19 stock price. Net proceeds could reach $2.97 billion if additional notes are exercised. The funds will support MicroStrategy's Bitcoin acquisition strategy, aligning with its vision of using Bitcoin as a core treasury asset. The company has accumulated 331,200 BTC, valued at $30 billion. Following the offering and Bitcoin's price surge, MicroStrategy entered the top 100 U.S. public companies by market cap, with a valuation nearing $100 billion. Its stock has gained 528% YTD, trading at $471 as Bitcoin hits $94,000.

HIGHLIGHTS MicroStrategy raises $2.6B in 0% convertible notes to fund Bitcoin acquisitions, up from $1.75B. MicroStrategy hits the top 100 U.S. public companies with a near $100B market cap after Bitcoin surge. MSTR stock gains 528% YTD, trading at $471 after Bitcoin reaches $94,000. MicroStrategy Incorporated has announced an increase in its previously disclosed offering of convertible senior notes. The company will now offer $2.6 billion in zero-interest convertible senior notes, a significant upsizing from the initially proposed $1.75 billion. These notes are set to mature on December 1, 2029, with the offering expected to close on November 21, 2024.
MicroStrategy Expands Convertible Notes Offering
According to a recent press brief, MicroStrategy has increased its private offering of convertible senior notes from the initially proposed $1.75 billion to $2.6 billion. The zero-interest notes will be available exclusively to qualified institutional buyers and select non-U.S. investors under the Securities Act.

The notes, which mature on December 1, 2029, are convertible into cash, MicroStrategy’s Class A common stock, or a combination of both, depending on the company's discretion. The initial conversion price is set at $672.40 per share, representing a 55% premium over the November 19 stock price of $433.80. 

Net proceeds from the offering are estimated to be $2.58 billion, which could rise to $2.97 billion if the option for additional notes is exercised.

Moreover, the proceeds from this offering will largely support the company’s ongoing Bitcoin acquisition strategy. The company plans to use the funds to purchase more Bitcoin and for other corporate purposes. Since adopting a Bitcoin treasury strategy in 2020, MicroStrategy has accumulated 331,200 BTC, valued at approximately $30 billion based on current market prices.

This aggressive approach aligns with MicroStrategy’s broader vision of leveraging Bitcoin as a core treasury asset. The company’s leadership views this as a long-term strategy to enhance shareholder value and corporate positioning.

Most recently, the company chairman, Michael Saylor, explained how a U.S. Bitcoin reserve of one million BTC could reduce the national debt by up to 45%. In response to today's announcements, Saylor added,
“Given the high demand, we upsized our $MSTR offering of 0% convertible bonds due 2029 from $1.75 billion to $2.6 billion, including a $400 million greenshoe option, and priced it at a 55% conversion premium.”
Entry Into The Top 100 U.S. Public Companies
Following this upsized offering and Bitcoin's recent price surge, MicroStrategy has entered the top 100 publicly traded companies in the U.S. by market capitalization. With a valuation nearing $100 billion, the company’s stock has gained 528% year-to-date.

As Bitcoin reached new all-time highs of over $94,000, MicroStrategy’s stock also experienced a significant rally. Shares surged 12% on Tuesday and continued to climb, trading at $471.00 as of November 20, 2024. This performance has positioned the company as a key player in the cryptocurrency and corporate finance sectors.

MicroStrategy Upsizes Convertible Notes Offering to $2.6B for Bitcoin Acquisitions

MicroStrategy has increased its bond issuance plan from $1.75 billion to $2.6 billion to purchase more Bitcoin, driven by high demand. The announcement was made by founder Michael Saylor, stating that the company will use the proceeds to buy additional Bitcoin and for general corporate purposes. As of November 17, 2024, MicroStrategy holds 331,200 BTC, valued at approximately $16.5 billion. Following this news, Bitcoin reached a new all-time high, surpassing $94,000.

Institutional Bitcoin Bull MicroStrategy announced that it will issue $1.75 billion worth of bonds to buy more Bitcoin (BTC). Revising this plan, MicroStrategy increased its planned bond issuance to $2.6 billion to buy more Bitcoin due to high demand.  The company may purchase more Bitcoin with this move. The change was announced by MicroStrategy founder Michael Saylor. "MicroStrategy (Nasdaq: MSTR) today announced that it has increased its offering of $2.6 billion of 0% convertible senior notes due 2029. This offering is larger than the previously announced $1.75 billion aggregate principal amount of bond offering. MicroStrategy intends to use the net proceeds from the offering to purchase additional Bitcoin and for general corporate purposes." As of 11\/17\/2024, MicroStrategy holds 331,200 BTC at an average price of $49,874, equivalent to approximately 16.5 billion. New ATH Arrived! Following the MicroStrategy news, Bitcoin renewed its ATH by exceeding $94,000. *This is not investment advice.

MicroStrategy Increases Bond Issuance to $2.6 Billion to Buy More Bitcoin

MicroStrategy, the business intelligence firm and corporate bitcoin holder, has upsized its latest convertible senior note offering to $2.6 billion from the previously announced $1.75 billion.The firm intends to use the net proceeds from the offering to “acquire additional bitcoin and for general corporate purposes.”Subject to market conditions and other factors, the notes, due 2029, will be issued in a private offering to qualified institutional investors, the company said in a statement. They are unsecured, bear 0% interest and are convertible into cash, MicroStrategy class A common stock, or both, at the firm’s election.MicroStrategy also provided the initial purchasers of the notes a three-day option, starting on the issuance date, to purchase up to an additional $400 million in aggregate principal amount of the notes, with the offering expected to close on Nov. 21.MicroStrategy estimates that the net proceeds from the sale of the notes will generate approximately $2.58 billion after expenses, or $2.97 billion if initial purchasers exercise their full option to buy additional notes.The convertible notes provide flexibility for MicroStrategy to manage its debt while potentially benefiting from equity appreciation. MicroStrategy has continued to invest heavily in bitcoin since 2020, reflecting its strategy of using debt financing to expand its bitcoin holdings.On Monday, MicroStrategy announced it had acquired another 51,780 BTC for approximately $4.6 billion at an average price of $88,627 per bitcoin between Nov. 11 and Nov. 17.The company now holds 331,200 BTC, worth roughly $29.7 billion. MicroStrategy’s total holdings were bought at an average price of $49,874 per bitcoin, a total cost of around $16.5 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.This latest set of acquisitions is the largest in dollar terms to date, funded through the sale of nearly 13.6 million shares as part of its larger $42 billion capital raise plans for future bitcoin purchases.MicroStrategy’s share price is currently up 6.3% in pre-market trading at around $458, according to TradingView. The stock has gained more than 117% over the past month and 521% year-to-date.

MicroStrategy Upsizes Note Offering to $2.6 Billion for Bitcoin Acquisition

MicroStrategy has announced the pricing of its offering of 0% convertible senior notes. This financial move is part of the company's strategy to raise capital, potentially for further investments in Bitcoin or other corporate purposes. The notes are set to mature in 2027, and the offering is expected to close soon, subject to customary closing conditions. This announcement reflects MicroStrategy's ongoing commitment to leveraging financial instruments to support its business objectives.

<img src='https://sosovalue.s3.us-west-2.amazonaws.com/sosovalue/web3image/24/11/21/l25cttb2oohz.png'/>MicroStrategy Announces Pricing of Offering of 0% Convertible Senior Notes

MicroStrategy Announces Pricing of 0% Convertible Senior Notes

MicroStrategy将其可转换优先票据的发行额提高至26亿美元，较之前的17.50亿美元有所增加，以购买更多的bitcoin并用于一般企业用途。这些票据将于2029年到期，将发行给合格的机构投资者，并可转换为现金或股票。此次发行预计将于11月21日结束，初始购买者还有机会额外购买4亿美元的票据。如果选择行使该选项，募集资金总额可能达到29.70亿美元。MicroStrategy继续利用债务融资来扩大其bitcoin持有量，最近以46亿美元收购了51,780 BTC。该公司目前持有331,200 BTC，价值297亿美元，购买时的平均价格为49,874美元每个bitcoin。MicroStrategy的股价大幅上涨，反映出投资者对其战略的信心。

MicroStrategy 将其债券发行规模扩大至 26 亿美元，以用于收购 Bitcoin。

MicroStrategy將其可轉換優先票據的發行額提高至26億美元，較之前的17.50億美元有所增加，以購買更多的bitcoin並用於一般企業用途。這些票據將於2029年到期，將發行給合格的機構投資者，並可轉換爲現金或股票。此次發行預計將於11月21日結束，初始購買者還有機會額外購買4億美元的票據。如果選擇行使該選項，募集資金總額可能達到29.70億美元。MicroStrategy繼續利用債務融資來擴大其bitcoin持有量，最近以46億美元收購了51,780 BTC。該公司目前持有331,200 BTC，價值297億美元，購買時的平均價格爲49,874美元每個bitcoin。MicroStrategy的股價大幅上漲，反映出投資者對其戰略的信心。