tl;dr
MicroStrategy, led by Michael Saylor, has increased its convertible notes offering from $700 million to $875 million to buy more Bitcoin. This move led to a 1% drop in MSTR stock price. The company aims to raise $875 million through the sale of convertible senior notes at an interest rate of 0.625% ...
Breaking: MicroStrategy Upsizes Notes Offering To Buy More Bitcoin, MSTR Stock Dips MicroStrategy Upsizes Notes Offering To Buy More Bitcoin, MSTR Stock Dips
MicroStrategy, led by Michael Saylor, has increased its convertible notes offering from $700 million to $875 million to buy more Bitcoin. This move led to a 1% drop in MSTR stock price. The company aims to raise $875 million through the sale of convertible senior notes at an interest rate of 0.625% per annum. The net proceeds, estimated at approximately $864.1 million, will be used to buy Bitcoin and for general corporate purposes.
MicroStrategy's total BTC holding has reached 244,800 BTC valued at $9.45 billion. MSTR stock price closed at $129.38, down nearly 1.44%, and BTC price is currently at $59,875.
Michael Saylor, executive chairman of MicroStrategy, on Wednesday said the company has upsized convertible senior notes offering from $700 million to $875 million. This will help the company to buy even more Bitcoin. Meanwhile, MSTR stock price fell over 1% in response today.
Virginia-based business intelligence firm MicroStrategy is now looking to raise $875 million through the sale of convertible senior notes at an interest rate of 0.625% per annum, MicroStrategy announced on September 18.
The move comes after the company acquired 18,300 BTC worth $1.11 billion. MicroStrategy’s total BTC holding has increased to 244,800 BTC valued at $9.45 billion, which accounts for $38,585 per BTC. The firm has achieved a BTC Yield of 4.4% QTD and 17.0% YTD. The current profit is $4.71 billion.
The MicroStrategy shares were trading around $129.38 at the time of writing, down nearly 1.44%. MSTR stock price closed 2.42% lower at $131.27 on Tuesday. Moreover, the price is down 3% in a month. Meanwhile, BTC price pared earlier gains and currently trades at $59,875.
The 24-hour low and high BTC prices are $58,901 and $61,316, respectively. Furthermore, the trading volume has increased by 35% ahead of the expected 50 bps interest rate cuts by the U.S. Federal Reserve.
In the derivatives market, total BTC futures open interest increased 2% in the last 24 hours, indicating a slight buying activity among futures traders. As per Coinglass data, the 530.99K BTC OI is valued at $31.92 billion.
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