Strategy Completes $2 Billion Offering of 0% Convertible Senior Notes Due 2030
Strategy (MSTR) has successfully completed its offering of $2 billion in 0% convertible senior notes due 2030. The notes, sold exclusively to qualified institutional buyers under Rule 144A, are senior, unsecured obligations that don't bear regular interest. The initial conversion rate is 2.3072 shares of class A common stock per $1,000 principal amount, representing a conversion price of approximately $433.43 per share.
The notes will mature on March 1, 2030, with noteholders having conversion rights under specific conditions before December 3, 2029, and at any time thereafter. Strategy can settle conversions through cash, class A common stock shares, or a combination of both. The company raised net proceeds of approximately $1.99 billion, which it plans to use for general corporate purposes, including bitcoin acquisition and working capital.
Strategy (MSTR) ha completato con successo la sua offerta di 2 miliardi di dollari in obbligazioni senior convertibili al 0% in scadenza nel 2030. Le obbligazioni, vendute esclusivamente a investitori istituzionali qualificati ai sensi della Regola 144A, sono obbligazioni senior non garantite che non prevedono interessi regolari. Il tasso di conversione iniziale è di 2,3072 azioni di classe A per un importo principale di 1.000 dollari, rappresentando un prezzo di conversione di circa 433,43 dollari per azione.
Le obbligazioni scadranno il 1 marzo 2030, con i detentori di obbligazioni che avranno diritti di conversione in specifiche condizioni prima del 3 dicembre 2029 e in qualsiasi momento successivo. Strategy può liquidare le conversioni tramite contante, azioni di classe A, o una combinazione di entrambi. L'azienda ha raccolto proventi netti di circa 1,99 miliardi di dollari, che intende utilizzare per scopi aziendali generali, inclusi acquisti di bitcoin e capitale circolante.
Strategy (MSTR) ha completado con éxito su oferta de 2 mil millones de dólares en notas senior convertibles al 0% con vencimiento en 2030. Las notas, vendidas exclusivamente a compradores institucionales calificados bajo la Regla 144A, son obligaciones senior no garantizadas que no devengan intereses regulares. La tasa de conversión inicial es de 2.3072 acciones de clase A por cada 1.000 dólares de monto principal, lo que representa un precio de conversión de aproximadamente 433.43 dólares por acción.
Las notas vencerán el 1 de marzo de 2030, con los tenedores de notas teniendo derechos de conversión bajo condiciones específicas antes del 3 de diciembre de 2029, y en cualquier momento después. Strategy puede liquidar las conversiones a través de efectivo, acciones de clase A, o una combinación de ambos. La empresa recaudó ingresos netos de aproximadamente 1.99 mil millones de dólares, que planea utilizar para fines corporativos generales, incluyendo la adquisición de bitcoin y capital de trabajo.
Strategy (MSTR)는 2030년 만기 0% 전환형 선순위 노트 20억 달러의 발행을 성공적으로 완료했습니다. 이 노트는 144A 규정에 따라 자격을 갖춘 기관 투자자에게만 판매되며, 정기 이자를 발생하지 않는 선순위 무담보 채무입니다. 초기 전환 비율은 1,000달러의 원금에 대해 클래스 A 보통주 2.3072주로, 주당 약 433.43달러의 전환 가격을 나타냅니다.
노트는 2030년 3월 1일에 만기가 되며, 노트 보유자는 2029년 12월 3일 이전의 특정 조건 하에 전환 권리를 가지며, 그 이후에는 언제든지 전환할 수 있습니다. Strategy는 현금, 클래스 A 보통주 또는 두 가지의 조합을 통해 전환을 정산할 수 있습니다. 이 회사는 약 19억 9천만 달러의 순수익을 올렸으며, 이를 비트코인 인수 및 운영 자본을 포함한 일반 기업 용도로 사용할 계획입니다.
Strategy (MSTR) a réussi à finaliser son offre de 2 milliards de dollars en obligations senior convertibles à 0% arrivant à échéance en 2030. Les obligations, vendues exclusivement à des acheteurs institutionnels qualifiés en vertu de la règle 144A, sont des obligations senior non garanties qui ne portent pas d'intérêts réguliers. Le taux de conversion initial est de 2,3072 actions ordinaires de classe A pour un montant principal de 1 000 dollars, représentant un prix de conversion d'environ 433,43 dollars par action.
Les obligations arriveront à échéance le 1er mars 2030, les détenteurs d'obligations ayant des droits de conversion sous certaines conditions avant le 3 décembre 2029, et à tout moment par la suite. Strategy peut régler les conversions par espèces, actions ordinaires de classe A, ou une combinaison des deux. L'entreprise a levé des produits nets d'environ 1,99 milliard de dollars, qu'elle prévoit d'utiliser pour des fins d'entreprise générales, y compris l'acquisition de bitcoin et le fonds de roulement.
Strategy (MSTR) hat erfolgreich ein Angebot von 2 Milliarden Dollar in 0% wandelbaren vorrangigen Anleihen mit Fälligkeit 2030 abgeschlossen. Die Anleihen, die ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A verkauft wurden, sind vorrangige, unbesicherte Verbindlichkeiten, die keine regelmäßigen Zinsen tragen. Der anfängliche Umwandlungsverhältnis beträgt 2,3072 Aktien der Klasse A pro 1.000 Dollar Nennbetrag, was einem Umwandlungspreis von etwa 433,43 Dollar pro Aktie entspricht.
Die Anleihen laufen am 1. März 2030 aus, wobei die Anleiheinhaber unter bestimmten Bedingungen vor dem 3. Dezember 2029 Umwandlungsrechte haben und jederzeit danach. Strategy kann Umwandlungen in bar, in Aktien der Klasse A oder in einer Kombination aus beidem abwickeln. Das Unternehmen hat Nettomittel in Höhe von etwa 1,99 Milliarden Dollar gesammelt, die es für allgemeine Unternehmenszwecke, einschließlich des Erwerbs von Bitcoin und Betriebskapital, verwenden möchte.
- Raised substantial capital of $1.99 billion through zero-interest notes
- No regular interest payments required on the notes
- 35% conversion premium over current stock price
- Flexible settlement options for conversions (cash, stock, or combination)
- Extended maturity date until 2030 provides long-term financing
- Potential dilution risk if notes are converted to common stock
- Significant debt obligation of $2 billion added to balance sheet
- Mandatory repurchase obligation in case of fundamental change
- Early repurchase option for noteholders in March 2028
Insights
This $2 billion convertible note offering represents a masterclass in financial engineering, particularly notable for its zero-coupon structure which eliminates regular interest payments - a important advantage in the current high-rate environment. The conversion premium of 35% and the delayed conversion rights until December 2029 provide significant upside protection for existing shareholders while offering attractive terms for institutional investors.
The financial structure reveals several strategic advantages:
- Zero-coupon notes significantly reduce cash burn, preserving capital for bitcoin acquisitions
- The $433.43 conversion price represents an optimistic yet achievable target, balancing upside potential with financing costs
- The flexible settlement options (cash, stock, or combination) give Strategy important operational flexibility
- The 2030 maturity provides a lengthy runway for Strategy's bitcoin-focused strategy to materialize
The $1.99 billion net proceeds significantly bolster Strategy's war chest for bitcoin acquisition. The timing is particularly strategic, coming ahead of the bitcoin halving event and amid institutional cryptocurrency adoption. The zero-coupon structure effectively lets Strategy borrow billions interest-free, though this comes at the cost of potential future dilution.
The redemption and repurchase provisions are notably investor-friendly, including the March 2028 put option and the 130% conversion price threshold for callable redemption. These features likely helped secure institutional interest despite the speculative nature of Strategy's bitcoin-focused business model. The successful placement of such a large offering signals strong institutional confidence in Strategy's long-term vision, though investors should monitor potential dilution impacts if conversion occurs.
The notes are senior, unsecured obligations of Strategy. The notes do not bear regular interest, and the principal amount of the notes does not accrete. The notes will mature on March 1, 2030, unless earlier repurchased, redeemed or converted. Before December 3, 2029, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after December 3, 2029, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Strategy will settle conversions by paying or delivering, as applicable, cash, shares of its class A common stock or a combination of cash and shares of its class A common stock, at Strategy’s election. The initial conversion rate is 2.3072 shares of class A common stock per
The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Strategy’s option at any time, and from time to time, on or after March 5, 2027 and on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Strategy’s class A common stock exceeds
If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require Strategy to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date. Noteholders may require Strategy to repurchase their notes on March 1, 2028, at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the repurchase date.
The net proceeds from the offering were approximately
The offer and sale of the notes and the shares of Strategy’s class A common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the notes, nor shall there be any sale of, the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction.
About Strategy
MicroStrategy Incorporated d/b/a Strategy (Nasdaq: MSTR) is the world’s first and largest Bitcoin Treasury Company. We are a publicly traded company that has adopted Bitcoin as our primary treasury reserve asset. By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate Bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. In addition, we provide industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere. We leverage our development capabilities to explore innovation in Bitcoin applications, integrating analytics expertise with our commitment to digital asset growth. We believe our combination of operational excellence, strategic Bitcoin reserve, and focus on technological innovation positions us as a leader in both the digital asset and enterprise analytics sectors, offering a unique opportunity for long-term value creation.
Strategy, MicroStrategy, and Intelligence Everywhere are either trademarks or registered trademarks of MicroStrategy Incorporated in
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the anticipated use of the net proceeds from the offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions and the other factors discussed in the “Risk Factors” section of Strategy’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 18, 2025 and the risks described in other filings that Strategy may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Strategy specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250224317927/en/
Strategy
Shirish Jajodia
Corporate Treasurer
ir@strategy.com
Source: Strategy
FAQ
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