MicroStrategy plans to issue $700M in convertible notes

Business intelligence and Bitcoin development company MicroStrategy (Nasdaq: MSTR), the largest single-company holder of Bitcoin (BTC) outside of a spot Bitcoin exchange-traded fund (ETF) issuer, has announced plans to issue $700 million in convertible notes which will fall due in 2028. According to CoinDesk, $500 million of the notes will be used to repay existing debt, while the rest will be used to buy more Bitcoin. The company previously announced that it bought $1.1 billion worth of Bitcoin between August 6 and September 12.