Secure

Million

Green

Rewards

<p>MicroStrategy shares plunged after it announced a plan to raise $600 million via an issue of convertible senior notes, in part to purchase more Bitcoin.</p>
<p>The company’s stock price slumped about 8% in the past 24 hours to trade at $1,174 as of 12.25 p.m. EST. It’s still up 66% so far this year and 368% over the past year</p>
<p>The business intelligence firm is the largest corporate holder of Bitcoin with a stash of 193,000 BTC worth around $13 billion at the current prices. But it’s not done buying.</p>
<p>It said in a <a href="https://www.microstrategy.com/press/microstrategy-announces-proposed-private-offering-of-600-million-of-convertible-senior-notes_03-04-2024" target="_blank" rel="noopener noreferrer nofollow">statement</a> that it “intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”</p>
<p>Bitcoin briefly hit a new all-time high today of $69,325 before plummeting back to $64,264.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MSTR</a> <a href="https://t.co/PEN5dxesIb" rel="noopener noreferrer nofollow">https://t.co/PEN5dxesIb</a></p>
 <p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1764758591985058146?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 4, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Senior convertible notes are a form of debt security with an option to convert into equity in the future. Holders also get priority in case the company files for bankruptcy or goes into liquidation.</p>
<h2 id="microstrategy-doubles-down-on-bitcoin-amid-recent-rally">MicroStrategy Doubles Down On Bitcoin Amid Recent Rally</h2>
<p>Bitcoin bull Michael Saylor, a co-founder of the firm, has been <a href="https://insidebitcoins.com/news/microstrategy-buys-37-million-more-bitcoin-bringing-total-to-8-1-billion-as-michael-saylor-says-btc-is-now-institutional-grade-asset" target="_blank" rel="noopener noreferrer nofollow">doubling down</a> on Bitcoin and bought 3,000 more BTC last month at a price of around $51,813 each.</p>
<p>The firm currently sits at an unrealized profit of $6 billion on its Bitcoin holdings. It purchased its current holdings at an average buy price of $31,550.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bitcoin</a>. As of 2/25/24, <a href="https://twitter.com/MicroStrategy?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@MicroStrategy</a> now hodls 193,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MSTR</a> <a href="https://t.co/micudbYf3P" rel="noopener noreferrer nofollow">https://t.co/micudbYf3P</a></p>
 <p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1762101030336999899?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 26, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/news/bitcoin-price-prediction-microstrategy-to-raise-600-million-to-buy-yet-more-btc-as-this-green-bitcoin-presale-dashes-towards-2-million" rel="noopener noreferrer nofollow">Bitcoin Price Prediction: MicroStrategy To Raise $600 Million To Buy Yet More BTC As This Green Bitcoin Presale Dashes Towards $2 Million</a></li>
 <li><a href="https://insidebitcoins.com/news/bitcoin-price-prediction-btc-blasts-past-56k-as-microstrategy-buys-3k-bitcoin-and-investors-stampede-to-this-new-green-btc-gem-before-a-price-hike" rel="noopener noreferrer nofollow">Bitcoin Price Prediction: BTC Blasts Past $56K As MicroStrategy Buys 3K Bitcoin And Investors Stampede To This New Green BTC Gem Before A Price Hike</a></li>
 <li><a href="https://insidebitcoins.com/news/hacked-microstrategy-account-on-social-media-platform-x-leads-to-440000-in-losses" rel="noopener noreferrer nofollow">Hacked Microstrategy Account On Social Media Platform X Leads To $440,000 In Losses</a></li>
 <li><a href="https://insidebitcoins.com/news/microstrategys-profit-on-massive-bitcoin-stash-hits-4-billion-after-btcs-21-surge-in-a-month" rel="noopener noreferrer nofollow">MicroStrategy’s Profit On Massive Bitcoin Stash Hits $4 Billion After BTC’s 21% Surge In A Month</a></li>
</ul>
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MicroStrategy Stock Plunges After Announcing Issue Of $600 Million In Convertible Senior Notes To Buy More Bitcoin

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