MicroStrategy’s MSTR shares surged by about 3% in pre-market trading following the company’s announcement to increase its convertible debt offering to $700 million, up from the initially planned $600 million.
This uptick in stock performance maintains the ongoing positive trend observed in MSTR shares since the year began.
According to data from Yahoo Finance, the stock has soared by nearly 80% since January, reaching approximately $1250. This ascent closely tracks Bitcoin’s upward trajectory, coinciding with the introduction of several exchange-traded funds (ETFs) in the US.
Convertible notes offering
On Mar. 5, MicroStrategy initially announced intentions to offer $600 million in convertible senior notes due 2030 to fund further acquisitions of Bitcoin. The firm later increased this offer to $700 million on Mar. 6 at an interest rate of 0.625% per annum.
MicroStrategy stated:
“The offering was upsized from the previously announced offering of $600 million aggregate principal
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