MicroStrategy Goes all-in on Bitcoin Aiming to Boost Note Sale

Nov 20, 2024 thejournalbiz

MicroStrategy Inc. is the largest publicly traded corporate owner of Bitcoin

MicroStrategy Inc. is accelerating its pace of Bitcoin buying by increasing the amount of convertible notes it’s selling by almost 50% to fund additional cryptocurrency purchases.

Bloomberg chart; Microstrategy

@MicroStrategy Goes All-in on Bitcoin Aiming to Boost Note Sale, via Bloomberg#btc #MicroStrategy pic.twitter.com/WcbYXAyEoL

— The_Journalbiz (@the_journalbiz) November 20, 2024

The once obscure software maker, which now calls itself a Bitcoin Treasury company, is moving rapidly to meet a goal announced last month of raising $42 billion in capital over the next three years to buy more Bitcoin. MicroStrategy said Monday that it bought a record $4.6 billion of the tokens, funded through an at-the-market stock share program.

It will use the $2.6 billion raised from the 0% senior note offering to add to its roughly $31 billion stockpile.

Along with the renewed enthusiasm around Bitcoin since crypto cheerleader Donald Trump won the US presidential election, the purchases have sent the shares of MicroStrategy skyrocketing. The stock is up by more than 600% this year. That has swelled the company’s market value to more than $100 billion, putting it near the ranks of the 100 biggest companies in the S&P 500.