Key Takeaways
- MicroStrategy upsizes debt offering to $700M for Bitcoin.
- MSTR stock is up 80% since January, tracking Bitcoin's rise.
- MicroStrategy's convertible notes will be due in 2030.
MicroStrategy aims to raise $700 million, up from $600 million, to purchase more bitcoin.
MicroStrategy’s shares saw a 3% increase in pre-market trading following the announcement of its upsized debt offering.
Stock surge by nearly 80%
Since January, MicroStrategy’s stock has surged by nearly 80%, reaching approximately $1250.
This rise parallels Bitcoin’s growth and the introduction of several Bitcoin ETFs in the US.
Convertible notes due in 2030
The convertible senior notes, due 2030, will be offered at an interest rate of 0.625% per annum.
The offering is expected to close on March 8, 2024, with proceeds intended for further Bitcoin acquisitions and general corporate purposes.
