By Chris Wack


MicroStrategy shares were up 11% to $1,166.08 after the company priced an offering of $700 million of 0.625% convertible senior notes due 2030.

The company also granted to the initial purchasers of the notes an option to buy, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $100 million of the notes.

The offering was upsized from the previously announced offering of $600 million of notes. The offering is expected to close Friday.

The notes will be unsecured, senior obligations of MicroStrategy, and will bear interest at a rate of 0.625% per annum, payable semi-annually in arrears on March 15 and Sept. 15 of each year, beginning on Sept. 15, 2024.

MicroStrategy intends to use the proceeds from the sale of the notes to buy additional Bitcoin and for general corporate purposes.

Bitcoin is up 9% in the past week, and up 201% in the past 12 months, as of 10 a.m. ET.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

03-06-24 1027ET