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MicroStrategy Sells $500 Million Notes To Buy Bitcoin

Best Owie
Best Owie
1 year ago
3 mins read
Picture of bitcoin gold coins

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MicroStrategy has successfully sold off $500 million worth of notes (“the notes”) which it announced it was selling on June 8th in a press conference, to buy Bitcoin. The notes were sold to qualified institutional buyers in a private offering in reliance to Rule 144A under the Securities Act of 1933. They were all sold to persons outside of the United States in accordance with Regulation S under the Securities Act.

At the time of offering, MicroStrategy estimated that the net proceeds from the sale of the notes and related guarantees after deducting initial discounts and commissions and estimated offering expense payable by MicroStrategy would be $488 million.

MicroStrategy Confirms Sale Of Notes

In a press release that came out earlier today, MicroStrategy states that the notes and guarantees were all sold to qualified institutional buyers under the Securities Act.

“The notes are fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by MicroStrategy Services Corporation, a wholly owned subsidiary of MicroStrategy, and may be similarly guaranteed by certain subsidiaries of MicroStrategy that may be formed or acquired after the closing of the offering.”

There was massive interest in buying the notes offered by the corporation as the company reportedly received more than $1.5 billion in orders for the notes worth $500 million.

Related Reading | MicroStrategy Receives Over $1.5B In Orders For $500M Notes To Fund Bitcoin Purchases

CEO Michael Saylor who has always been bullish on Bitcoin said the plan was to buy more Bitcoin to add to its portfolio which now sits at approximately 92,079 Bitcoins.

The press release also issued a notice;

“This press release shall not constitute an offer to sell or a solicitation of an offer to buy the notes or any other securities, nor shall there be any sale of the notes or the related guarantees in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful under the securities laws of any such state or jurisdiction.”

The company is yet to disclose when it will purchase more Bitcoin.

MicroStrategy Unveils A New Subsidiary

The corporation also announced a new subsidiary, MacroStrategy LLC, which now holds all of the bitcoins the company has purchased thus far. This is assumed to be a play to separate the investment portfolio from the core business of MicroStrategy, which is an enterprise business application software vendor.

Related Reading | Why MicroStrategy Decided To Pay Its Board Of Directors In Bitcoin

MicroStrategy is the largest independent publicly-traded analytics and business intelligence company. Its ticker symbol is MSTR and it is traded publicly on the NASDAQ.

The stock market has reacted positively to this news. Shares of MicroStrategy are up 80% as at the time of this writing. MicroStrategy’s market cap now sits at around $5.82 billion, a massive jump from $5.03 billion as at yesterday.

A chart showing change in bitcoin price in 24 hours
Source: BTCUSD on TradingView.com

Bitcoin Market Reaction To MicroStrategy

This news follows Paul Tudor Jones announcing that he wants to allocate 5% of his portfolio to Bitcoin. Giving Bitcoin the bump it needed to finally get over the $40k hump after news of Tesla resuming payments with Bitcoin pushed it closed. Bitcoin price is up 9% today and is currently a little over $40k.

While this is by no means the bullish rally that investors have been hoping for but it shows that institutional investors are still optimistic about the future of the asset as it begins its climb back from its crash about a month ago.

MicroStrategy currently owns $3.7 billion worth of Bitcoin according to today’s prices, all of which were bought at an average of $24,000 per Bitcoin. This amount is higher than any other publicly-traded company in the world.

Chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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