Strategy Raises $2B for Bitcoin Buying Spree

Strategy, the business intelligence software company led by Michael Saylor, has successfully completed a $2 billion senior convertible note offering. The proceeds from this offering will be used to purchase more Bitcoin, as part of the company's ongoing cryptocurrency acquisition strategy.

The notes, which have a 0% coupon and mature on March 1, 2030, are convertible into 2.3072 shares of Strategy's Class A common stock at a price of $433.43 per share. This conversion price represents a 35% premium over the current market price of the company's stock.

The note offering generated approximately $1.99 billion in net proceeds for Strategy, after accounting for fees and estimated expenses. The company has stated that it intends to use these funds for general corporate purposes, including the acquisition of Bitcoin and for working capital.

This $2 billion note offering is part of Strategy's "21/21 Plan," which aims to raise $42 billion in capital over the next three years through a combination of equity and fixed-income securities. The primary goal of this plan is to acquire more Bitcoin, further expanding the company's cryptocurrency holdings.

Strategy has already raised $20 billion of the targeted $42 billion, primarily through senior convertible notes and debt offerings. This latest offering is a continuation of the company's aggressive strategy to accumulate Bitcoin, which has become a significant part of its overall investment portfolio.