MicroStrategy has successfully completed a $3 billion offering of 0% convertible senior notes, with the aim of using proceeds to purchase additional Bitcoin. This move comes as the company's shares fell over 25% on November 21. The convertible notes, maturing in December 2029, are priced at a 55% premium, allowing MicroStrategy to potentially acquire approximately 30,600 Bitcoin with the funds. This fundraising is part of a larger strategy to raise $42 billion over the next three years under its “21/21” plan, focusing equally on equity and fixed-income securities. Despite the drop in share price, MicroStrategy has seen significant performance in 2024, with shares up 480% year-to-date. The decline was influenced by market assessments suggesting that MicroStrategy's shares may be overvalued compared to Bitcoin fundamentals. As of now, Bitcoin is priced near $98,423, just under the $100,000 mark.

Source 🔗