領先的商業智能公司 MicroStrategy 宣佈完成價值 3B 美元的 0% 可轉換高級票據發行,將於 2029 年到期。籌集的資金將用於爲全球最大的Bitcoin財務公司購買更多Bitcoin。 MicroStrategy 首席執行官表示,可轉換優先票據的溢價爲 55%,隱含執行價爲 672 美元。
這家商業情報公司澄清說,“無擔保”優先票據不會定期產生利息。相反,它透露以折扣價出售的可轉換債券將到期至面值。在 MicroStrategy 於 11 月 18 日宣佈籌集 1.75B 美元之後,此次發行了 3B 美元的債券,並於 11 月 20 日增加至 $2.6B。
根據 MicroStrategy 最近的公告,這些發行是該公司計劃在未來三年內籌集 42B 美元以在 21/21 戰略下積累更多 BTC 的計劃的一部分。該公司早些時候曾提到其戰略計劃,即擁有 21B 美元的固定收益證券和 21B 美元的股權。 Saylor trac的數據顯示,該公司持有的 BTC 數量是所有公司中最多的,有 332.2KBitcoin價值超過 $32.7B。
$MSTR已完成 30 億美元的可轉換票據發行,票息爲 0%,溢價爲 55%,隱含執行價約爲 672 美元。 https://t.co/GzO0br0Xfh
—邁克爾·塞勒⚡️ (@saylor) 2024 年 11 月 21 日
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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