MicroStrategy Stock Drops as Bitcoin Slides, After Raising $600M More to Buy Bitcoin

MicroStrategy shares fell 13% on Tuesday as bitcoin also dropped after the company announced a $603.75 million convertible debt offering to raise money to buy more bitcoin
This was MicroStrategy's second convertible debt offering in a week after a previous $800 million offering
MicroStrategy said it bought 9,245 bitcoins for $623 million between March 11-18
The latest debt offering involves 0.875% convertible senior notes due 2031 that can convert into MicroStrategy shares or cash
Despite the share drop, MicroStrategy stock is still up over 100% year-to-date