MicroStrategy has successfully completed its convertible notes offering, raising the maximum allowable of $650 million.
That’s $250 million more than the initial offer, with it raised to $500 million after Citi downgraded the company, and now another option of $150 million has been exercised to bring it to a total of $650 million.
“The aggregate principal amount of the notes sold in the offering was $650 million, which includes notes issuable pursuant to an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $100 million aggregate principal amount,” the company said.
The notes are to be converted into cash to buy bitcoin with the purchase expected on or after December 20th.
“MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy,” the company said.
That makes this the biggest bitcoin purchase ever that is publicly known to occur in the future with this being the first time an announcement is being made of a major bitcoin purchase in a future date.