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

MicroStrategy has adjusted its latest planned convertible senior note sale to $900 million, adding $300 million to the novel debt issuance model it now semi-regularly employs in order to raise funds to, you guessed it, buy more bitcoin.

• The business intelligence company reaffirmed Wednesday that it intends to pour the net proceeds of this debt sale into bitcoin buys, perhaps its biggest single dollar-denominated allocation yet.
• MicroStrategy only yesterday announced the latest offering would seek to raise $600 million.
• MSTR’s pro-bitcoin CEO Michael Saylor has mandated his company follow two distinct business models: 1) develop business intelligence software, 2) buy more bitcoin.
• The firm has bought 70,784 bitcoin so far, an amount now worth around $3.6 billion. It projects the net proceeds of this sale to come in around $879 million.

See also: MicroStrategy Begins Hiring for Bitcoin Data Product