Strategy Locks in $2 Billion Convertible Note Deal, Closing Scheduled for Friday

Strategy (MSTR) confirmed Thursday that it has priced its $2 billion issuance of zero-coupon, five-year senior convertible notes, with the deal expected to finalize on Friday.

The initial conversion rate is set at 2.3072 MSTR shares per $1,000 principal, translating to a conversion price of $433.43 per share. In premarket trading, MSTR shares have risen 1.5% to $323.53.

The company anticipates net proceeds of $1.99 billion, which could increase to $2.28 billion if underwriters exercise their overallotment option in full.

As of now, Strategy holds 478,740 bitcoin (BTC), valued at approximately $46.5 billion based on BTC’s current market price of just over $97,000.