Michael Saylor, founder and executive chairman at MicroStrategy, spotlighted this in a post on X today. This disclosure follows the company’s announcement on March 4 regarding their intention to invest $600 million, derived from the sale of convertible notes, into acquiring Bitcoin.
For the uninitiated, convertible notes are financial instruments that companies use to raise funds. Essentially, they are loans that can be converted into company stock at a later date.
MicroStrategy has now announced the purchase of more Bitcoin tokens a few days after the convertible notes disclosure. The acquisition, which took place between Feb. 26 and March 10, 2024, involved a cash outlay of $821.7 million.
Per a press release, the funding for this acquisition predominantly stemmed from the proceeds of a private offering of convertible senior notes, totaling $781.1 million, complemented by an additional $40.6 million drawn from the company’s excess cash reserves.
Read more: thecryptobasic.com
