#convertible-notes

#convertible-notes

The proposed private offering consists of $850 million in zero coupon convertible senior notes due 2032, with an option for purchasers to acquire an additional $150 million.

We believe that this financing structure positions us to execute one of the most ambitious corporate Bitcoin accumulation strategies in the world.

"In connection with the Greenshoe Exercise, the Company received gross proceeds of $450 million and net proceeds... of approximately $446.6 million ... to use for general corporate purposes, including making investments in a manner consistent with the Company's Investment Policy."

In the startup ecosystem, we talk a lot about raising money. But not enough about what's actually being sold.

This new investor will almost certainly ask that their post investment ownership is equal to investment/(pre-money valuation + new investment), or in other words that existing convertibles are included in the pre-money valuation.