MicroStrategy, una empresa líder en inteligencia empresarial, anunció la finalización de su oferta de notas sénior convertibles al 0% por valor de 3 mil millones de dólares, cuyo vencimiento está previsto para 2029. El dinero recaudado se utilizará para comprar más Bitcoin para la empresa de tesorería Bitcoin más grande del mundo. El director ejecutivo de MicroStrategy dijo que las notas senior convertibles tendrán una prima del 55% con un precio de ejercicio implícito de 672 dólares.
La firma de inteligencia empresarial aclaró que los pagarés senior "no garantizados" no devengarán intereses regulares. En cambio, reveló que los convertibles vendidos con descuento vencerán hasta alcanzar su valor nominal. La oferta de deuda de 3.000 millones de dólares siguió al anuncio de MicroStrategy del 18 de noviembre de recaudar 1.750 millones de dólares, que se incrementó el 20 de noviembre a 2.600 millones de dólares.
Según los anuncios recientes de MicroStrategy, las ofertas son parte de los planes de la compañía de recaudar 42 mil millones de dólares en los próximos tres años para acumular más BTC bajo su estrategia 21/21. La empresa había mencionado anteriormente su plan estratégico para tener 21.000 millones de dólares en valores de renta fija y 21.000 millones de dólares en acciones. Los datos del trac de Saylor mostraron que la empresa tenía la mayor cantidad de BTC en poder de cualquier empresa, con 332,2 mil Bitcoin con un valor de más de $ 32,7 mil millones.
$MSTR ha completado una oferta de 3.000 millones de dólares en notas convertibles con un cupón del 0% y una prima del 55%, con un precio de ejercicio implícito de ~672 dólares. https://t.co/GzO0br0Xfh
- Michael Saylor⚡️ (@saylor) 21 de noviembre de 2024
The firm’s November 21st press release confirmed that the net proceeds from the completed sale of the notes were $2.97 billion. According to MicroStrategy, the reduced amount was arrived at after deducting the initial buyers’ discounts, commissions, and estimated offering expenses payable by the firm.
The publicly traded company announced that it intended to use all the proceeds to acquire additional Bitcoin and for general corporate purposes. MicroStrategy could acquire nearly 30,270 BTC if all the $3 billion went to buying Bitcoin. MSTR actually needs 36K BTC to get to 2% of the circulating supply.
Interestingly, Google Finance data revealed that MSTR shares dropped over 25% from $536.7 to $397.28 on November 21st. As per the data, MSTR’s change in share price included a 5.3% recovery in after-hours trading. The data confirmed that MSTR was the second most-traded stock in the U.S. on November 20th, and it was up 480% YTD.
The fall came as Citron Research disclosed that it had hedged a short position on MSTR. Citron Research suggested that MSTR shares had become ‘overheated’ and that its volume had ‘completely detached from Bitcoin fundamentals.’ Bloomberg’s senior analyst Eric Balchunas revealed that MicroStrategy contributed nearly $50 billion to the record-setting $70 billion trading volume on November 21st.
‘On the Brink’ podcast co-host Matt Walsh pointed out that Saylor no longer had voting control of MicroStrategy. According to MSTR filings, MicroStrategy’s ‘controlled company status’ changed due to the volume of shares sold under the Sales Agreements. The filings read in part that the Executive Chairman would no longer hold more than 50% of the aggregate voting power.
Saylor previously held 51.7% of the voting rights before the issuance of a significant amount of stock and debt to buy Bitcoin. Nasdaq classified MicroStrategy as a ‘controlled company’ due to Saylor’s sole control over the company’s management and decision-making.
However, CrossAngle wrote that MicroStrategy had to establish a new board nominating committee led by Carl Rickertsen since it no longer enjoyed exemptions under Nasdaq’s governance rules. MicroStrategy was also required to adopt a new nomination committee charter, as per CrossAngle’s report. The Web3 research and analytics platform noted that further details about MicroStrategy’s restructuring would be disclosed in future U.S. SEC filings, which are expected no later than February 2025.
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