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>
<div class="inContentProviderSingle inContentColor--insidebitcoins fc-row">
 <div class="inContentProviderSingle--wrapper">
  <div class="container">
   <div class="row mb-lg-3">
    <div class="col-12 col-md-8">
     <p class="inContentProviderSingle--title">New Crypto Mining Platform - Bitcoin Minetrix</p>
    </div>
    <div class="col-12 col-md-4">
     <div class="inContentProviderSingle--rating">
      <div class="rating--holder">
       <p class="rating--text">Rating</p>
       <div class="rating--star-container">
        <div class="rating--star" style="width: 100%;"></div>
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="row">
    <div class="col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none"><img decoding="async" class="inContentProviderSingle--img mb-3" src="https://insidebitcoins.com/wp-content/uploads/2023/09/bitcoin-minetrix.svg" alt="Bitcoin Minetrix" width="125" height="60">
    </div>
    <div class="col-12 col-md-8">
     <ul class="inContentProviderSingle--list">
      <li>Audited By Coinsult</li>
      <li>Decentralized, Secure Cloud Mining</li>
      <li>Earn Free Bitcoin Daily</li>
      <li>Native Token On Presale Now - BTCMTX</li>
      <li>Staking Rewards - Over 50% APY</li>
     </ul>
    </div> 
    <div class="col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block"><img decoding="async" class="inContentProviderSingle--img float-right" src="https://insidebitcoins.com/wp-content/uploads/2023/09/bitcoin-minetrix.svg" alt="Bitcoin Minetrix" width="125" height="60">
    </div>
   </div>
   <div class="row">
    <div class="col-12 text-center">
     <div class="inContentProviderSingle--button"><a href="https://insidebitcoins.com/visit/bitcoinminetrix" title="Start Trading" rel="noopener noreferrer nofollow">Learn More</a>
     </div>
     <div class="inContentProviderSingle--disclaimerText">
     </div>
    </div>
   </div>
  </div>
 </div>
</div>

MicroStrategy Stock Plunges After Announcing Issue Of $600 Million In Convertible Senior Notes To Buy More Bitcoin

Table of Contents

Inside Bitcoins

Other articles published on Mar 5, 2024

DonaSwap Completes Migration Process: Users Now Eligible to Claim Tokens

Why The Bull Market Turned Negative For the Indian Community?

Bitcoin Surges Above $68,000: Analysts Target $80,000 Soon

OKX Ventures Backs BounceBit to Strengthen Bitcoin’s Technical Backbone

Bitcoin Experiences Significant Drop Against Euro on Coinbase

De-dollarization? BRICS plan crypto payment system

Join our free newsletter for daily crypto updates!