MicroStrategy Intends to Raise $600M to Buy Bitcoins

On Monday, the stock of MicroStrategy, a well-known company specializing in business intelligence and recognized for its strong belief in holding Bitcoin, surged by over 23% as the price of the most popular cryptocurrency, with the largest market cap, surpassed $67,000.

However, the stock immediately dropped by around $100 per share in the minute after the market closed, following the company’s announcement of a plan to raise $600 million through convertible notes.

According to Yahoo Finance, at the market close, MicroStrategy’s stocks were priced at $1,334.01. This decision was also announced by the company’s co-founder and executive chairman, Michael Saylor, on Twitter at 4:05 p.m.

The press release states that the funds raised will be used to purchase more Bitcoin and for general corporate purposes.