MicroStrategy Upsizes Convertible Notes Offering To $2.6 Billion For Bitcoin Purchases
MicroStrategy Upsizes Convertible Notes Offering To $2.6 Billion For Bitcoin Purchases
The 0% convertible senior notes, due 2029, will be offered to qualified institutional buyers under Rule 144A of the Securities Act and certain non-U.S. persons in compliance with Regulation S. MicroStrategy Incorporated (NASDAQ:MSTR) on Wednesday announced an increase in its convertible senior notes offering to $2.6 billion from its initial $1.75 billion, signaling its continued aggressive stance on Bitcoin (CRYPTO: BTC) accumulation.
微策略公司（纳斯达克股票代码：MSTR）周三宣布将其可转换优先票据的发行量从最初的17.5亿美元增加到26亿美元，这表明其对比特币（加密货币：BTC）增持的持续激进立场。
The company plans to use the net proceeds to acquire additional Bitcoin and for general corporate purposes.
该公司计划将净收益用于收购更多比特币并用于一般公司用途。
What Happened: This announcement comes as Bitcoin's price surges past $94,000, propelling MicroStrategy's market capitalization to $96.73 billion, surpassing the combined value of Newmont Corporation (NYSE:NEM) and Barrick Gold (NYSE:GOLD), the world's two largest gold mining companies.
发生了什么：该公告发布之际，比特币的价格飙升至94,000美元以上，使MicroStrategy的市值达到967.3亿美元，超过了全球最大的两家金矿开采公司纽蒙特公司（纽约证券交易所代码：NEM）和巴里克黄金（纽约证券交易所代码：GOLD）的总市值。
The 0% convertible senior notes, due 2029, will be offered to qualified institutional buyers under Rule 144A of the Securities Act and certain non-U.S. persons in compliance with Regulation S.
2029年到期的0％可转换优先票据将根据《证券法》第144A条向合格的机构买家发行，并根据S条例向某些非美国人发行。
With an initial conversion price set at $672.40 per share—a 55% premium over the November 19 closing price—the offering highlights strong institutional demand.
初始转换价格定为每股672.40美元，比11月19日的收盘价高出55％，此次发行凸显了强劲的机构需求。
MicroStrategy expects to raise $2.58 billion in net proceeds, potentially reaching $2.97 billion if initial purchasers exercise their option to acquire additional notes.
MicroStrategy预计将筹集25.8亿美元的净收益，如果初始购买者行使收购额外票据的选择权，则可能达到29.7亿美元。
The offering is set to close on Nov. 21, pending customary conditions.
根据惯例条件，此次发行定于11月21日结束。
The upsized offering underscores MicroStrategy's commitment to Bitcoin as a treasury reserve asset, a strategy that has significantly boosted its market value.
此次扩大发行规模凸显了MicroStrategy对比特币作为国库储备资产的承诺，该策略极大地提高了其市值。
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Why It Matters: The company's valuation now outpaces Newmont's $49.16 billion and Barrick Gold's $31.11 billion, reflecting the growing influence of digital assets over traditional commodities.
为何重要：该公司的估值现在超过了纽蒙特的491.6亿美元和巴里克·戈尔德的311.1亿美元，这反映了数字资产对传统大宗商品的影响越来越大。
"MicroStrategy's market cap exceeding these gold giants demonstrates the transformative potential of Bitcoin," said Peter Schiff, who questioned whether MicroStrategy could soon surpass the entire gold mining industry's capitalization.
彼得·希夫说：“微策略的市值超过这些黄金巨头，这表明了比特币的变革潜力，” 他质疑微策略能否很快超过整个金矿开采行业的市值。
MicroStrategy's stock has surged 3.36% in pre-market trading, driven by Bitcoin's rally to over $94,000.
受比特币上涨至94,000美元以上的推动，微策略的股票在盘前交易中飙升了3.36％。
The company recently acquired 51,780 bitcoin between Nov. 11 and 17 for $4.6 billion, further consolidating its position as the largest corporate holder of the cryptocurrency.
该公司最近在11月11日至17日期间以46亿美元的价格收购了51,780个比特币，进一步巩固了其作为该加密货币最大公司持有者的地位。
Its Bitcoin holdings now exceed 331,000 BTC, with a cumulative acquisition cost of over $16 billion.
其持有的比特币现已超过33.1万比特币，累计收购成本超过160亿美元。
Executive chairman Michael Saylor has positioned Bitcoin as a hedge against inflation, a strategy initiated in 2020 that has paid off amid surging cryptocurrency prices.
执行主席迈克尔·塞勒将比特币定位为对冲通货膨胀的工具，该战略于2020年启动，在加密货币价格飙升的情况下获得了回报。
While MicroStrategy doubles down on Bitcoin, other major players like Goldman Sachs (NYSE:GS) continue to focus on traditional assets.
尽管微策略加倍投资比特币，但高盛（纽约证券交易所代码：GS）等其他主要参与者继续关注传统资产。
Goldman recently projected gold prices to reach $3,000 per ounce by the end of 2025, emphasizing its role as a leading commodity trade.
高盛最近预测，到2025年底，黄金价格将达到每盎司3,000美元，强调了其作为主要大宗商品贸易的作用。
