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Home»ADOPTION NEWS»MicroStrategy proposed issuing $600 million worth of convertible bonds following a 23% overnight surge in its stock price.
ADOPTION NEWS

MicroStrategy proposed issuing $600 million worth of convertible bonds following a 23% overnight surge in its stock price.

By Crypto FlexsMarch 4, 20243 Mins Read
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MicroStrategy proposed issuing 0 million worth of convertible bonds following a 23% overnight surge in its stock price.
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Posted 1 minute ago In ~

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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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.

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