Summary
MicroStrategy is planning to increase its bitcoin holdings through a $600 million private offering of convertible senior notes. The company intends to use the proceeds to acquire more bitcoin and for general corporate purposes. The stock price surged following the announcement, but later dropped in after-hours trading. MicroStrategy is well-known for its significant bitcoin holdings and has recently added more to its balance sheet. Co-founder Michael Saylor remains bullish on bitcoin, calling it the “exit strategy.” Bitcoin’s price has been rising, nearing its all-time high, and bitcoin ETFs are seeing record volumes.
Key Points
1. MicroStrategy is planning to add to its bitcoin stash through a $600 million private offering of convertible senior notes.
2. The company’s stock, trading under the ticker MSTR, has reached highs not seen in over 20 years, closing the day up 23% to $1,334 a share.
3. MicroStrategy is well-known for its significant bitcoin holdings, with the company adding 850 more bitcoin to its balance sheet just last month.