MicroStrategy's shares dropped 13% after a $603.75m convertible debt offering for Bitcoin purchases.

MicroStrategy's shares fell 13% following a $603.75m convertible debt offering, used to raise funds for bitcoin purchases. The company bought 9,245 bitcoins for $623m between 11-18 March. This is the second convertible offer in a week, with the firm planning to use the funds to continue buying bitcoin. Despite the drop in share price, MicroStrategy's shares are still up more than 100% year to date.

March 19, 2024
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