MicroStrategy, Raising Funds to Buy More Bitcoin, Boosts Notes Offering to $550M From $400M

• MicroStrategy (Nasdaq: MSTR) Wednesday announced the pricing of its offering of $550 million aggregate principal amount of 0.750% convertible senior notes due 2025. 
• That amount exceeds the $400 million the company said it intended to sell in its shelf registration with the U.S. Securities and Exchange Commission.
• MSTR said it estimates that the net proceeds from the sale of the notes will be approximately $537.2 million (or approximately $634.9 million if the initial purchasers exercise in full their option to purchase additional notes), deducting costs.
• The company said it intends to invest the net proceeds in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.

The story is developing and will be updated with additional information.