Posted 3/5/2024, 1:15:00 PM
MicroStrategy Stock Sinks 21% Despite Bitcoin Rally After Announcing $600M Debt Offering to Buy More Bitcoin
- MicroStrategy stock sank 21% on Tuesday after announcing plans to offer $600M in convertible debt to buy more bitcoin
- The debt offering gave investors a reason to take profits after the 94% rally over the past 6 days
- Bitcoin dropped 1.5% on Tuesday, though it had recently hit a record high
- MicroStrategy already has $2.21B in debt, which is rated deep into junk bond territory
- MicroStrategy stock has climbed 89% and bitcoin 59.5% this year, vastly outperforming broader markets
