MicroStrategy Boosts Latest Debt-for-Bitcoin Offering to $900M

MicroStrategy has raised its latest note offering, meant to fund additional bitcoin purchases, after receiving major interest.

MicroStrategy anticipates raising $537 million in net proceeds from a debt sale designed to fund bitcoin speculation.

With the price of Bitcoin moving above $40,000 for the first time in weeks, the company could soon hold more than 100,000 BTC. Business intelligence company MicroStrategy has completed its $500 million offering of secured notes, and said it plans to use the proceeds to purchase Bitcoin.In a Monday announcement, MicroStrategy said it had sold $500 million worth of senior secured notes in a private offering to buyers within and outside the United States. After deducting expenses, initial purchaser discounts, and commissions, the firm said the net proceeds were roughly $488 million, funds....

The company's stock has dropped by more than 60% after topping out at $1,135 in early February. A lackluster balance sheet, excessive debt load and over-leveraged exposure to Bitcoin have crashed MicroStrategy stock by more than 63% since February already. Nevertheless, the business intelligence company has ignored the risks of its frothy valuations, and it now wants to raise more debt and buy Bitcoin with proceeds (BTC).MicroStrategy announced on June 7 that it "intends to raise $400 million aggregate principal amount of senior secured notes in private offering [...] to acquire additional....

Since Microstrategy’s $500 million sale in debt offerings, the publicly traded software company has taken further steps to fuel its Bitcoin hoarding. In an announcement earlier this Tuesday, Microstrategy indicated through an SEC filing that it had planned to sell up to $1 billion of its shares.  The specifics of the offering were all detailed […]