Stock Track | MicroStrategy Soars 9.6% on Bitcoin's Record High and Massive Convertible Note Issuance

Stock Track11-20 22:37

Shares of MicroStrategy surged by 9.6% in premarket trading on Wednesday, driven by two major factors related to the company's aggressive Bitcoin acquisition strategy.

Firstly, Bitcoin reached an all-time high of over $94,000, fueled by growing optimism around a crypto-friendly regime under President-elect Donald Trump. The rise was further propelled by reports that Trump Media and Technology Group is in talks to acquire crypto trading firm Bakkt.

Secondly, MicroStrategy announced the pricing of a massive $2.6 billion offering of 0% convertible senior notes due 2029, upsized from the previously announced $1.75 billion. The company plans to use the proceeds to acquire additional Bitcoin and for general corporate purposes, doubling down on its strategy of accumulating the cryptocurrency.

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