MicroStrategy’s insatiable thirst for Bitcoin remains unquenched, despite already holding over $31 billion worth of the digital currency. Just two days after announcing a plan to sell $1.75 billion worth of convertible notes in order to acquire more Bitcoin, the company revealed on Wednesday that it has expanded the offering to $2.6 billion worth of notes. Michael Saylor, MicroStrategy’s co-founder and executive chairman, stated that the decision was made due to the high demand for the new notes over the past 48 hours.
Similar to the notes initially offered on Monday, the additional zero-interest senior notes announced today will mature in 2029 and are exclusively available to qualified institutional buyers. Eventually, these notes can be redeemed for cash, MicroStrategy stock, or a combination of both.
This offer is particularly enticing to many Wall Street investors, given the recent explosive growth of MicroStrategy’s stock. The company, which currently owns over 331,000 BTC (equivalent to 1.58% of the total supply), has witnessed its stock surge by over 870% in the past year, following the rise of Bitcoin. Earlier this month, the stock reached an all-time high.
If MicroStrategy manages to raise another $2.6 billion to purchase more Bitcoin, it would be able to acquire approximately 27,450 BTC at the current prices.
While MicroStrategy was once known as a business intelligence and software company, its bold Bitcoin strategy has not only impacted its value to shareholders but has also transformed its self-perception. It now refers to itself as the “world’s first and largest Bitcoin treasury company.”