A MicroStrategy, uma empresa líder em inteligência de negócios, anunciou a conclusão de sua oferta de notas seniores conversíveis de 0% no valor de US$ 3 bilhões, com vencimento em 2029. O dinheiro arrecadado será usado para comprar mais Bitcoin para a maior empresa de tesouraria Bitcoin do mundo. O CEO da MicroStrategy disse que as notas seniores conversíveis terão um prêmio de 55% com um preço de exercício implícito de US$ 672.
A empresa de inteligência de negócios esclareceu que as notas seniores “sem garantia” não renderão juros regulares. Em vez disso, divulgou que os conversíveis vendidos com desconto vencerão até o valor de face. A oferta de dívida de US$ 3 bilhões seguiu o anúncio da MicroStrategy em 18 de novembro de arrecadar US$ 1,75 bilhão, que foi aumentado em 20 de novembro para US$ 2,6 bilhões.
De acordo com os anúncios recentes da MicroStrategy, as ofertas fazem parte dos planos da empresa de arrecadar US$ 42 bilhões nos próximos três anos para acumular mais BTC sob sua estratégia 21/21. A empresa havia mencionado anteriormente seu plano estratégico de ter US$ 21 bilhões em títulos de renda fixa e US$ 21 bilhões em ações. Os dados do trac Saylor mostraram que a empresa tinha o maior número de BTC em poder de qualquer empresa, com 332,2 mil Bitcoin valendo mais de US$ 32,7 bilhões.
$MSTR concluiu uma oferta de US$ 3 bilhões em notas conversíveis com cupom de 0% e prêmio de 55%, com um preço de exercício implícito de aproximadamente US$ 672. https://t.co/GzO0br0Xfh
— Michael Saylor⚡️ (@saylor) 21 de novembro 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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