Updated: March 4, 2024 4:27 PM EST
MicroStrategy, a business intelligence company best known for its commitment to stockpile Bitcoin, saw its stock surge more than 23% on Monday as the price of the world’s most popular cryptocurrency by market capitalization surpassed $67,000. However, shortly after the market closed, it announced that it would seek to raise $600 million through convertible bonds.
MicroStrategy’s stock was trading at $1,334.01 at market close, but immediately fell about $100 from that amount a minute after the company announced it would propose a $600 million private offering in convertible notes, according to Yahoo Finance. . . Michael Saylor, the company’s co-founder and chairman, also posted about it. X 4:05 p.m.
MicroStrategy’s large Bitcoin portfolio is currently worth more than $13 billion. As of 4:05 PM ET, Bitcoin is trading at $67,624, up 7.5% over the past 24 hours, according to The Block Price Page.
MicroStrategy began purchasing Bitcoin in earnest for the first time in 2020. Since then, the value of the company, which has a market capitalization of $22 billion, has increased more than tenfold. Total Bitcoin holdings at the time reached 193,000 on February 26 after purchasing an additional 3,000 worth $155 million. Last month, the company purchased 850 BTC for $37.2 million.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.