MicroStrategy completes $650 million bond sale to finance next Bitcoin purchase

MicroStrategy (MSTR), a leading business intelligence firm, announced Friday that it has raised $650 million worth of convertible bonds to finance more Bitcoin (BTC) purchases, underscoring CEO Michael Saylor’s conviction in the flagship digital asset. 

The company confirmed Friday that it had sold $650 million worth of convertible senior notes at a rate of 0.750{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} due in 2025. The interest rate is payable semi-annually on June 15 and December 15 beginning in 2021.

According to the press release:

“MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury