XML 46 R35.htm IDEA: XBRL DOCUMENT v3.22.1
Long-term Debt - Additional Information (Detail) - USD ($)
1 Months Ended 3 Months Ended
Mar. 23, 2022
Jun. 14, 2021
Feb. 28, 2021
Dec. 31, 2020
Mar. 31, 2022
Mar. 31, 2021
Senior Secured Notes Due Twenty Twenty Eight            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount   $ 500,000,000.0        
Interest rate, fixed percentage   6.125%        
Periodic payment description   The 2028 Secured Notes bear interest at a fixed rate of 6.125% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021.        
Payment start date   Dec. 15, 2021        
Debt instrument, maturity date   Jun. 15, 2028        
Proceeds from debt   $ 487,200,000        
Debt instrument, first springing maturity date   Sep. 15, 2025        
Debt instrument, second springing maturity date   Nov. 16, 2026        
Convertible Senior Notes due 2025            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount       $ 650,000,000.0    
Interest rate, fixed percentage       0.75%    
Periodic payment description       The 2025 Convertible Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 0.750% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021.    
Payment start date       Jun. 15, 2021    
Debt instrument, maturity date       Dec. 15, 2025    
Proceeds from debt       $ 634,700,000    
Number of shares convertible from notes         1,633,190  
Total Interest Expense         $ 0 $ 0
Convertible Senior Notes due 2027            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount     $ 1,050,000,000.000      
Periodic payment description     The 2027 Convertible Notes are senior unsecured obligations of the Company and do not bear regular interest. However, holders of the 2027 Convertible Notes may receive special interest under specified circumstances as outlined in the indenture relating to the issuance of the 2027 Convertible Notes. Any special interest is payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021      
Payment start date     Aug. 15, 2021      
Debt instrument, maturity date     Feb. 15, 2027      
Proceeds from debt     $ 1,026,000,000.000      
Number of shares convertible from notes         733,005  
Convertible Senior Notes due 2027            
Debt Instrument [Line Items]            
Total Interest Expense         $ 0 $ 0
Secured Notes Due Twenty Twenty Eight            
Debt Instrument [Line Items]            
Interest rate, fixed percentage   6.125%        
Total Interest Expense         0  
Debt instrument, first springing maturity date   Sep. 15, 2025        
Debt instrument, second springing maturity date   Nov. 16, 2026        
Secured Notes Due Twenty Twenty Eight | Maximum            
Debt Instrument [Line Items]            
Springing maturity condition FCCR - aggregate principal of FCCR convertible notes outstanding   $ 100,000,000        
Springing maturity condition 1- aggregate principal of 2025 convertible notes outstanding   100,000,000        
Springing maturity condition 2- aggregate principal of 2027 convertible notes outstanding   $ 100,000,000        
Secured Notes Due Twenty Twenty Eight | Class A | Minimum            
Debt Instrument [Line Items]            
Springing maturity liquidity   130.00%        
Secured Term Loan Due Twenty Twenty Five            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 205,000,000.0          
Debt instrument, maturity date Mar. 23, 2025          
Proceeds from debt $ 204,600,000          
Total Interest Expense         $ 0  
Secured Overnight Financing Rate 30 Day Average 30 days          
Debt instrument, basis spread on variable rate 3.70%          
Variable Interest Rate Floor 3.75%          
Debt instrument monthly payable beginning date 2022-05          
Lender fees and third-party costs $ 400,000          
Debt instrument, effective interest rate 3.87%          
Secured Term Loan Due Twenty Twenty Five | Collateral Pledged            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 205,000,000.0          
Initial Value of Bitcoin collateral amount $ 820,000,000.0          
LTV Percentage Maximum 50          
Debt instrument covenant description While the 2025 Secured Term Loan is outstanding, MacroStrategy is required to maintain a Loan to collateral value ratio (“LTV Ratio”) of 50% or less, which would amount to at least $410.0 million worth of bitcoin being required to be held in such account assuming the full $205.0 million of 2025 Secured Term Loan principal remains outstanding. If the price of bitcoin drops such that the LTV Ratio exceeds 50%, MacroStrategy is required to either deposit additional bitcoin in the Bitcoin Collateral Account or prepay a portion of the 2025 Secured Term Loan such that the LTV Ratio is reduced to 25% or less (or 35% or less, provided that in such case the interest rate on the 2025 Secured Term Loan will be increased by 25 basis points until such time as the LTV Ratio is reduced to 25% or less). If at any time the LTV Ratio is less than 25% as a result of excess collateral in the Bitcoin Collateral Account, MacroStrategy is entitled to a return of such excess collateral so long as the LTV Ratio would not exceed 25% after giving effect to such return          
LTV Ratio Cure 2 Additional Interest 25 basis points          
LTV Ratio Cure 2 Additional Interest Condition 25.00%          
LTV ratio maximum after return of excess collateral 25.00%          
Cash reserve $ 5,000,000.0          
Secured Term Loan Due Twenty Twenty Five | Maximum | Collateral Pledged            
Debt Instrument [Line Items]            
Value of Bitcoin equivalent to 50% of the loan principal $ 410,000,000.0          
LTV Percentage Cure 1 25          
LTV Percentage Cure 2 35          
LTV Percentage maximum for return of excess collateral 25.00%          
Secured Term Loan Due Twenty Twenty Five | Events of Default            
Debt Instrument [Line Items]            
Increase interest accrual rate percentage 2.00%          
2025 Secured Term Loan Year One            
Debt Instrument [Line Items]            
Prepayment Premium during Year 1 0.50%          
2025 Secured Term Loan Year Two            
Debt Instrument [Line Items]            
Prepayment Premium during Year 2 0.25%