Deniz 
CEO Michael Saylor revealed MicroStrategy (MSTR), the business intelligence firm turned bitcoin-trading vehicle, intends to offer up to $700 million in convertible senior notes to fund further BTC acquisitions and buyback debt.
Coming due in 2028, the private offer will be “subject to market conditions.” The notes will pay interest twice a year and be unsecured, senior liabilities of MicroStrategy—a debt form not supported by collateral.
MicroStrategy’s whole debt as of June 2024 comes to $3.90 billion. Based on a U.S. Securities and Exchange Commission disclosure, the corporation bought 244,800 BTC valued at about $10 billion last week, including an 18,300 BTC acquisition valued at almost $1 billion.
“MicroStrategy intends to use the net proceeds from this offering to redeem all $500.0 million outstanding aggregate principal amount of MicroStrategy’s 6.125% Senior Secured Notes due 2028 (the “Senior Secured Notes”) and to use any balance of the net proceeds to acquire additional bitcoin and for general corporate purposes,” the company said.
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