Strategy raised another $2 billion in a senior convertible note offering to purchase more Bitcoin.
Michael Saylor’s Strategy, formerly known as MicroStrategy, announced the completion of the $2 billion private note offering on Feb. 24.
The notes feature a 0% coupon and mature on March 1, 2030. Each $1,000 block of notes is convertible to 2.3072 shares of Strategy’s Class A common stock at $433.43 per share — a 35% premium over the current market price.
Strategy $2 billion note offering. Source: Strategy
The note sale resulted in about $1.99 billion worth of net proceeds for the company after deducting fees and estimated expenses, according to the firm’s announcement, which added:
“Strategy intends to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and for working capital.”
The $2 billion note offering is part of Strategy’s “21/21 Plan,” targeting $42 billion in capital over the next three years, split between equity and fixed-income securities to buy more Bitcoin .
Strategy said it has already raised $20 billion of that $42 billion, fueling its Bitcoin buying spree largely through senior convertible notes and debt.
