MicroStrategy (MSTR) said Thursday that it plans to offer $500 million in convertible senior notes due 2032, the proceeds of which it will use for additional Bitcoin (BTC) purchases and other corporate purposes.
The offer is subject to market conditions with no guaranteed deadlines or terms.
“MicroStrategy also expects to grant the initial purchasers of the notes an option to purchase, within a 13-day period beginning and including the date on which the notes are first issued, up to an additional aggregate principal amount of $75. million of the notes,” the company said in the press release.
Beginning June 20, 2029, MicroStrategy may redeem all or part of the notes for cash, subject to certain conditions. The private offering will be available to persons qualified as institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
MicroStrategy currently holds 214,400 BTC, valued at over $14 billion, making it the largest holder of publicly traded Bitcoin.
MSTR shares fell 1.5% in premarket trading.
