Software intelligence firm Microstrategy (Nasdaq: MSTR), now rebranded as Strategy, has signaled an imminent bitcoin acquisition with its latest fundraising initiative. On Feb. 20, the company announced the successful pricing of its $2.0 billion offering of 0% convertible senior notes due 2030. The offering, expected to close on Feb. 21, grants initial purchasers an option to buy an additional $300 million in notes.
“Strategy estimates that the net proceeds from the offering will be approximately $1.99 billion (or approximately $2.28 billion if the initial purchasers fully exercise their option to purchase additional notes), after deducting fees and estimated expenses,” the firm detailed, adding:
Strategy intends to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital.
The newly issued notes are senior, unsecured obligations maturing on March 1, 2030, and bear no regular interest. Investors may convert them under specific conditions before Dec. 3, 2029, with full convertibility thereafter until maturity. Strategy retains the flexibility to settle conversions in cash, shares, or a combination of both.
The initial conversion rate is set at 2.3072 shares per $1,000 principal amount of notes, equating to a conversion price of approximately $433.43 per share—a 35% premium over the company’s Feb. 19, 2025, weighted average stock price of $321.05. Redemption rights become active on March 5, 2027, provided the stock price surpasses 130% of the conversion price for a predetermined period.
This latest move reaffirms Strategy’s ongoing commitment to bitcoin as its primary treasury reserve asset, reinforcing its position as the world’s largest corporate bitcoin holder with approximately 478,740 BTC. Michael Saylor, Executive Chairman of Strategy, remains steadfast in his bullish outlook, projecting bitcoin’s value to potentially hit $13 million by 2045, with a best-case scenario of $49 million and a worst-case estimate of $3 million. The company’s aggressive acquisition strategy, backed by capital markets, underscores its unwavering belief in bitcoin’s long-term potential.
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