Posted 3/19/2024, 7:57:12 PM
MicroStrategy Stock Dips As Company Raises More Debt to Buy Bitcoin, Now Owns $14B Worth
- MicroStrategy stock fell after the company raised money through a convertible debt offering to buy more bitcoin
- MicroStrategy now owns about 214,000 bitcoins worth $14 billion, making it the largest corporate holder
- This was MicroStrategy's second debt offering in a week to raise money to buy bitcoin
- MicroStrategy founder Michael Saylor is a bitcoin believer who thinks bitcoin will outperform other assets
- While MicroStrategy does not sell its bitcoin, Saylor sells his personal MicroStrategy shares on a consistent basis