Saylor’s Strategy Raises $2 Billion in Convertible Bond Sale

Michael Saylor’s Strategy raised $2 billion from an issue of convertible debt after the Bitcoin treasury firm sweetened the terms for investors. It plans to use the proceeds for purposes including acquiring more of the digital token.

The company, which until recently was called MicroStrategy Inc., priced the zero-coupon convertible senior notes due in 2030 with a 35% conversion premium, according to a statement on Thursday. The premium is in reference to the volume-weighted average price of $321.05 each at which it traded over a stretch of Wednesday afternoon. It came in below the 40% to 50% range the company had marketed earlier, Bloomberg News has reported.