Business analytical firm and bona fide Bitcoin (BTC) devotee, MicroStrategy, recently revealed its latest convertible senior notes sale’s pricing specifics. In it, the firm publicized its plans to sell $900 million worth of notes to institutional investors through a private offering. MicroStrategy approximates the sale to rack up about $879 million to as high as $1 billion, which it reportedly intends to use to buy further BTC. The offering is currently scheduled to take place this February 19.
This marks the second time MicroStrategy purposefully initiated a notes sale to expand its BTC holdings. In December 2020, the firm sold $650 million worth of notes with a conversion price of $397.99 per share. Notably, this incoming sale’s conversion price is $1,432.46 per share – considerably higher than its previous sale.
Considering BTC’s current record-breaking high, which is now about $52,000 per token, MicroStrategy could add more than 19,000 BTC to its total holdings. Should the purchase plans go accordingly, MicroStrategy will soon see itself holding over 90,000 BTC, which is currently worth more than $3.5 billion. This would also mean that the firm would have about 0.48% of the total circulating supply of BTC.
While MicroStrategy’s ongoing BTC splurge may look outrageous for some, its investment towards the crypto has already garnered massive profits. Not including the planned $1 billion purchase yet, MicroStrategy’s current BTC holdings of more than 71,000 BTC – which it purchased at around $1.145 billion in total – has already netted them more than $2.6 billion. MicroStrategy’s BTC purchases within the past three months have also propelled its share prices by 500%.