Cryptocurrencies
MicroStrategy to Add Bitcoin, Widening Premium of Shares
- Enterprise software maker to sell $600 million in senior notes
- Rough calculations suggest 53% markup to get at the tokens
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MicroStrategy Inc. is adding to its wildly successful bet on Bitcoin, but anyone scooping up the software maker’s stock as a proxy for crypto would be paying a hefty premium.
The company plans to sell $600 million in convertible bonds and use the money to boost its Bitcoin stash, it said in a filing Tuesday. That follows $1.15 billion of crypto purchases that began last summer, and prompted MicroStrategy to announce a second pillar of its corporate strategy -- “to acquire and hold Bitcoin.”