MicroStrategy wants to raise $400 million via debt and buy more bitcoin with it

Jun 7, 2021 | The Block News | 0 comments

Nasdaq-listed MicroStrategy announced Monday that it plans to raise $400 million via senior secured notes — a type of debt offering — and use the net proceeds of that offering to buy more bitcoin.

“The notes will be fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by MicroStrategy Services Corporation, a wholly owned subsidiary of MicroStrategy, and certain subsidiaries of MicroStrategy that may be formed or acquired after the closing of the offering,” said MicroStrategy.

The company has also formed a new subsidiary, MacroStrategy LLC, which will hold its existing 92,079 bitcoins.

This is a developing story and will be updated…

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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