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MicroStrategy (MSTR) completed a convertible-debt deal to buy more bitcoin. Crypto-related stocks traded lower today as the price of bitcoin pulled back from record highs.
MicroStrategy Incorporated (NASDAQ:MSTR) slipped almost 20% on Tuesday morning after announcing the end of a debt financing round to buy more bitcoin. Net proceeds of US$592.3 million were raised through the private issue of convertible senior notes, due to mature in 2031, with MicroStrategy having targeted US$600 million.
MicroStrategy (NASDAQ: MSTR ) stock is in the news Tuesday after the artificial intelligence ( AI )-powered data analytics company revealed it bought more Bitcoin ( BTC-USD ). This saw MicoStrategy add another 9,245 tokens of BTC to its holdings.
As Bitcoin (BTC), the world's largest cryptocurrency, continues its fluctuation after recently pulling back to the $63,000 mark. In response, MicroStrategy (NASDAQ: MSTR) stock saw a significant drop of over -13% since the markets opened on March 19.
Opportunities abound in the current market. With the rally stretching into its second year, the share prices of many stocks are flying high.
It's relentlessly buying into the most popular cryptocurrency in the world. It floated not one but two convertible notes issues mainly to purchase more Bitcoin.
Software company turned glorified Bitcoin ( BTC-USD ) holding company MicroStrategy (NASDAQ: MSTR ) is seeing some volatility today, with MSTR stock giving up a good chunk of yesterday's gains. At the time of writing, the company's stock price has dropped more than 7% on news that the company will be putting forward its second convertible note offering in the past 10 days, with the intention of buying more Bitcoin.
Shares of MicroStrategy continue to soar as the company uses every opportunity to add to its bitcoin stash.
The surge in NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) shares on the back of excitement around artificial intelligence (AI) has made it a move volatile investment than bitcoin. Generally, heavyweights of the S&P 500 would be expected to offer more stately progress than flighty small caps or highly unpredictable cryptocurrency.
MicroStrategy Inc (NASDAQ: MSTR) achieved worldwide recognition due to its former CEO, Michael Saylor, passionate support of Bitcoin (BTC), the leading cryptocurrency. Now, MSTR stock could be on the edge of a short squeeze following BTC's action.