MicroStrategy's Bitcoin-Driven Offering Boosted to $650M After Notes Buyer Bought $100M More

MicroStrategy's debt raise resulted in an estimated $639 million for bitcoin purchases.

Dec 11, 2020, 5:14 PM

Updated Aug 19, 2021, 6:04 AM

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MicroStrategy announced Friday it raised $650 million, up from a recently boosted $550 million, in a convertible senior note sale designed to allow the business intelligence company to buy more bitcoin.

The company estimates $634.9 million of that sum – the net proceeds – will be available for bitcoin allocations in accordance with its treasury reserve policy.

The amount of the offering was boosted to $650 million from the $550 million announced on Wednesday after the purchaser of the notes exercised in full an option to buy up to an added $100 million of the convertible senior notes.

This story will be updated.

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