.jpg){kind=avatar}
.jpg){kind=avatar}
MicroStrategy is doubling down on its big bet on Bitcoin. The enterprise software maker announced a $600m convertible bond offering Tuesday, with the intention of adding to its Bitcoin stash amid a surge that pushed the price of the world’s largest cryptocurrency past $50,000 for the first time. The convertible senior notes are due to mature on Feb 15, 2027.
This is the second time in three months that the Tysons Corner, Virginia-based company issued debt to fund the purchase of Bitcoin. In early December, MicroStrategy sold $650 million of convertible bonds, opening a backdoor for bond investors to invest in Bitcoin. Those securities were pushed deep in the money after the company’s shares and the underlying value of the converts jumped, chasing the cryptocurrency’s rally.
