Michael Saylor’s Strategy, formely known as MicroStrategy has resumed its Bitcoin buying spree just a week after halting its BTC purchases and share sales. The company, now operating as “Strategy,” announced the acquisition of 20,356 bitcoins for approximately $1.99 billion.
Michael Saylor’s Strategy Expands Bitcoin Holdings with $2B Purchase
Michael Saylor’s Strategy, formely known as MicroStrategy has disclosed that it completed a $2 billion private offering of convertible senior notes due in 2030. The notes carry a 0% coupon and are convertible at a 35% premium over the current stock price.
The net proceeds from the offering amounted to approximately $1.99 billion after deducting expenses. The company stated that the funds would be used for general corporate purposes, including acquiring more Bitcoin.
The convertible notes allow investors to convert each $1,000 note into 2.3072 shares of Strategy’s Class A common stock at $433.43 per share. This price represents a premium over the recent market price. Additionally, the offering included an option for the initial purchasers to buy an extra $300 million in notes, available until February 27, 2025.
Consequently, between February 18 and February 23, 2025, Strategy has acquired 20,356 Bitcoins at an average price of $97,514 per BTC.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: