MicroStrategy plans to issue $600 million in convertible preferred notes, with net proceeds to be used for additional Bitcoin purchases

According to the official announcement, MicroStrategy plans to issue convertible preferred notes with a total principal amount of $600 million due in 2030 to qualified institutional buyers through private placement, depending on market conditions and other factors. MicroStrategy also expects to grant the initial purchasers of the notes an option to purchase up to an additional $90 million principal amount within 13 days from (and including) the date of first issuance of the notes. It is reported that this issuance is subject to market and other conditions, and it cannot be guaranteed whether, when or under what conditions this issuance will be completed. MicroStrategy stated that it intends to use the net proceeds from selling these notes for purchasing additional bitcoins as well as for general corporate purposes.