MicroStrategy Shares Fall 13% After Convertible Deal For Bitcoin Purchases
MicroStrategy’s shares fell 13% on Tuesday due to a $603.75 million convertible debt offering to buy bitcoin.
This follows an $800 million convertible offer announced a week earlier. The company also bought 9,245 bitcoins for $623 million between March 11 and March 18.
The latest sale was of 0.875% convertible senior notes due 2031, convertible into cash or shares of MicroStrategy’s class A common stock. This represents a premium of about 40% over the volume weighted average price of its shares on March 14, 2024.
(With inputs from Shikha Singh)
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