MicroStrategy Raises $800M, Buys More Bitcoin Amid Sizzling Rally: What Investors Need To Know (CORRECTED)
Portfolio Pulse from Benzinga Neuro
MicroStrategy Inc. (NASDAQ:MSTR) has successfully raised $800 million through the sale of convertible notes, with plans to use the funds to purchase more Bitcoin. The notes, bearing a low interest rate of 0.625% per year, are set to mature on March 15, 2030, unless converted into stock earlier. This move comes as Bitcoin's price surpassed the $70,000 mark. Following the announcement, MSTR's stock price surged 8.59% to $1,548 before market open.
March 11, 2024 | 12:13 pm
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MicroStrategy Inc. raised $800M through convertible notes to invest in Bitcoin, as BTC's price exceeds $70,000. MSTR's stock surged 8.59% pre-market.
The successful fundraising and the intended use of the proceeds to purchase Bitcoin, amid its price surge, positively impacted investor sentiment towards MicroStrategy. The pre-market stock price increase of 8.59% reflects this positive outlook, suggesting a short-term bullish trend for MSTR.
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