![](\"https:\/\/www.trustnodes.com\/wp-content\/uploads\/2021\/02\/600x379xmicrostrategy-price-feb-16-2021.png\")
<\/p>\nMicostrategy has announced another private offering of $600 million in order to buy bitcoin. The publicly traded company said:<\/p>\n
“MicroStrategy (Nasdaq: MSTR) intends to offer, subject to market conditions and other factors, $600 million aggregate principal amount of convertible senior notes due 2027 (the \u201cnotes\u201d) in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d). <\/p>\n
MicroStrategy also expects to grant to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $90 million aggregate principal amount of the notes…<\/p>\n
MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins.”<\/p>\n
Microstrategy significantly exceeded its previous likewise offer, initially starting with $400 million, but ended up with buying $650 million worth of bitcoin.<\/p>\n
Likewise this time they’re offering an option, which may bring the total to about $700 million, something that would make Microstrategy the biggest corporate holder of bitcoin by the initial amount invested.<\/p>\n
<\/p>\n
Microstrategy has seen its stock price roar, up 10x since November, much of it due to their bitcoin holdings as some investors see it as a proxy for buying bitcoin.<\/p>\n
It has generally somewhat followed bitcoin’s price action, although the company sometime acts on its own, with it seeing volatility as the market enters price discovery.<\/p>\n
This new $600 million, and potentially more, will take some days to progress with the company previously using Coinbase and the purchase usually taking a few days.<\/p>\n
It’s not clear exactly when they are to start, but more than half a billion is coming towards bitcoin.<\/p>\n