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MicroStrategy , a Nasdaq listed business intelligence company and bitcoin holder, announced on Thursday its intention to issue $500 million of convertible senior notes with a principal amount due in 2032. The proceeds will be used for the acquisition of additional bitcoin as well as other corporate matters.

The notes are senior, unsecured obligations of MicroStrategy. Interest will be paid in arrears semi-annually on June 15th and December 15th of each year starting December 15, 2024. The market conditions will determine when and how the offering will be completed. The company can redeem all or part of the notes for cash, subject to certain conditions. This could be on or after 20 June 2029.

Private offerings will only be open to individuals who are considered qualified institutional buyers under Rule 144A of Securities Act of 1933.

MicroStrategy is the largest bitcoin holder publicly listed. It currently owns 214.400 BTC, worth more than $14 billion. The company started accumulating bitcoin in 2020 and adopted it as a currency reserve.

Oliver Knight is the editor.