MicroStrategy to Invest Estimated Net Proceeds of $634.9 million in Bitcoin
MicroStrategy and CEO Michael Saylor are now well followed names in crypto trading world. The firm has already bought more than 40,000 Bitcoins and is still investing in top cryptocurrency. Recently, firm announced offering of senior convertible notes at an annual interest rate of 0.75%. The firm announced its plan to raise $400 Million by offering convertible notes and utilize the sales to purchase more Bitcoins.
MicroStrategy Completes $650 Million Offering of 0.750% Convertible Senior Notes Due 2025 https://t.co/37y84GToPe
— Michael Saylor (@michael_saylor) December 11, 2020
As mentioned in official blog the sum total amount of notes sold in the offering was $650 Million and the notes will mature on December, 2025. Another point to be worth notifying was the net sale from the proceeding which are estimated to be around $634.9 Million.
The blog states that MicroStrategy intends to invest this net proceed of $634.9 Million to Bitcoin [BTC]
MicroStrategy will invest the amount in Bitcoin in accordance with its treasury reserve policy and is pending identification of corporate purpose and capital needs.
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