MicroStrategy's Bitcoin Buying Spree Sparks Stock Volatility
MicroStrategy's shares dropped 13% after completing a $603.75 million convertible debt offering to fund further bitcoin purchases, marking its second such offering in a week. The company also revealed the purchase of 9,245 bitcoins for $623 million, causing its shares to plummet to their lowest level since March 7. The latest sale involved 0.875% convertible senior notes due 2031, with a conversion rate initially set at 0.4297 MicroStrategy shares per $1,000 principal amount of notes. Despite the drop, MicroStrategy's shares are still up over 100% year to date.
