MicroStrategy Inc. boosted its convertible debt sale to buy Bitcoin by nearly half and cut the coupon to 0%, making it virtually a straight bet on the price of world’s largest cryptocurrency. The software maker priced $900 million of senior convertible notes, up from the $600 million announced Tuesday, and gave an option for $150 million more within 13 days. The debt will pay no interest and the company estimates total proceeds of about $1 billion -- enough to buy about 20,000 Bitcoin at current levels. The scale of the offering’s increase speaks to the success of MicroStrategy’s bet on Bitcoin so far. The enterprise ... (full story)

MicroStrategy® Incorporated (Nasdaq: MSTR) (“MicroStrategy”) today announced the pricing of its offering of $900 million aggregate principal amount of 0% convertible senior notes due 2027 (the “notes”). The notes will be sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MicroStrategy also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $150 million aggregate principal amount ... (full story)