Business intelligence software company MicroStrategy said Wednesday it would raise $550 million by the way of debt instruments to buy bitcoin, an increase of $150 million over its Monday announcement.

The 0.75% convertible senior notes would be sold in a private offering to qualified institutional buyers, the company said.

The institutional buyers would have an option to purchase an additional $100 million of notes within 13 days of the date of issue of the notes.

On Tuesday, Citi analyst Tyler Radke downgraded Microstragey to “sell,” touching on CEO Michael Saylor’s “disproportionate focus” on the apex cryptocurrency, CoinDesk reported.

The notes will mature on December 15, 2025, with MicroStrategy retaining the option to redeem for cash all or a part of the notes at a redemption price equal to the principal amount plus accrued and unpaid interest, the company said.

The notes will be convertible into cash, shares of MicroStrategy’s class A common stock, or a combination of the two.

Last month, Citron Research said the only “safe and cost-effective way” to get exposure to bitcoin was through MicroStrategy.

The short-seller is of the opinion that investing in cryptocurrency through Grayscale Bitcoin Trust involves payment of a premium.

[In what CoinDesk says is part of MicroStrategy’s “bitcoin-first treasury reserve policy,” the company previously put $475 million of excess cash into the cryptocurrency.

MicroStrategy shares doubled from the beginning of November to early December, according to Bloomberg, coinciding with the rising price of bitcoin.]

This story originally appeared on Benzinga.

© 2020 Benzinga does not provide investment advice. All rights reserved.

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