After Plunging 16%, MicroStrategy Makes Modest Recovery In Friday Pre-Market: Is There Still Hope For A $100K BTC Effect?

Benzinga2024-11-22

After a sharp decline on Thursday, MicroStrategy Inc. MSTR is showing signs of recovery in pre-market trading on Friday. What Happened: MicroStrategy experienced a 2.73% increase in pre-market trading...

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As of 6:25 am ET on Friday, Bitcoin was trading at $98,608.30, with some experts predicting it could soon hit $100,000.\nMicroStrategy holds over 150,000 Bitcoins, positioning itself as a leveraged play on the cryptocurrency’s fluctuations. This strategy has inadvertently exposed numerous institutional and retail investors to the unpredictable nature of Bitcoin’s price movements, despite their potential lack of interest in cryptocurrency investments.\nSee Also: Floki Beats Dogecoin, Shiba Inu With Double-Digit Gains After Coinbase Listing Announcement\nWhy It Matters: Recently, MicroStrategy completed a significant financial maneuver, announcing the completion of its offering of 0% convertible senior notes due 2029. The aggregate principal amount of the notes sold in the offering was $3 billion, including an additional $400 million aggregate principal amount of notes issued pursuant to an option to purchase.\nHowever, Galaxy Digital Holdings Ltd. CEO Mike Novogratz recently warned that Bitcoin‘s “inevitable” surge toward $100,000 could face a significant pullback due to excessive market leverage.\nRead Next: \n\nTesla Electric Offers Unlimited Overnight Charging For Just $5 A Month As EV Giant Races Toward 500K Sales Target\n\nDisclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.\nImage via Shutterstock Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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