As a seasoned researcher with years of market analysis under my belt, I find MicroStrategy’s latest move to upsize their debt offering for Bitcoin acquisition intriguing. Michael Saylor’s bold approach to capitalize on the crypto revolution is something that resonates with me, given my own experience navigating the dynamic world of fintech.
Michael Saylor, head of MicroStrategy, announced on Wednesday that they’ve increased their convertible senior notes sale from $700 million to $875 million. This increase allows them to acquire more Bitcoin. Concurrently, MicroStrategy’s stock dropped by approximately 1% today in reaction to the news.
Michael Saylor Upsizes MicroStrategy Debt Offering to $875 Million
As a researcher, I am sharing that MicroStrategy, a business intelligence company based in Virginia, is planning to gather approximately $875 million through the offering of convertible senior notes with an annual interest rate of 0.625%. This announcement was made by MicroStrategy on September 18.
On Monday, Michael Saylor utilized a platform to communicate with the broader cryptocurrency community regarding increasing the notes offering to acquire additional Bitcoins. Specifically, the company unveiled plans for a private offering worth $700 million in convertible senior notes.
MicroStrategy Announces Pricing of Offering of Convertible Senior Notes $MSTR
— Michael Saylor (@saylor) September 18, 2024
Following the purchase of 18,300 Bitcoins for approximately $1.11 billion, MicroStrategy’s Bitcoin holdings now total 244,800 BTC, currently valued at around $9.45 billion or $38,585 per Bitcoin. This move has resulted in a Quarter-to-Date (QTD) Bitcoin Yield of 4.4% and a Year-to-Date (YTD) yield of 17.0%. The current profit from these holdings amounts to an impressive $4.71 billion.
At the moment, MicroStrategy shares were hovering around $129.38, marking a decrease of approximately 1.44%. On Tuesday, the MSTR stock closed 2.42% lower at $131.27. Additionally, over the past month, the price has dropped by about 3%.
At the moment, the price of BTC is at $59,875, a slight dip from its earlier highs. Earlier today, it reached a low of $58,901 and peaked at $61,316. Additionally, there has been an uptick in trading volume by about 35%, likely due to anticipation of the upcoming 50 basis point interest rate reduction announced by the U.S. Federal Reserve.
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2024-09-18 15:55