Posted 3/14/2024, 1:00:44 PM
MicroStrategy Plans $500M Bitcoin Buying Spree Despite Slowing Software Revenue
- MicroStrategy is issuing $500 million in convertible notes to buy more bitcoin, its second such offering in 10 days
- The company has been aggressively buying bitcoin since late 2020 to hold as an asset
- MicroStrategy already holds 205,000 bitcoins, making it the largest corporate holder of the cryptocurrency
- The company's core software business revenue has slowed recently in 2022 and 2023
- MicroStrategy's stock price surged nearly 300% in 2024 but dropped 8% on news of the latest convertible note offering
