Home » Others » MicroStrategy Stock Tumbles After New $3 Billion Bitcoin Bet

MicroStrategy Stock Tumbles After New $3 Billion Bitcoin Bet

22.11.2024 13:00 1 min. read Kosta Gushterov
SHARE: SHARES
MicroStrategy Stock Tumbles After New $3 Billion Bitcoin Bet

MicroStrategy recently finalized a $3 billion convertible notes offering, reinforcing its commitment to expanding its Bitcoin holdings.

The announcement coincides with Bitcoin reaching a new all-time high of $99,314. The funds will primarily be used to acquire more Bitcoin, adding to the company’s existing reserves of 331,200 BTC, valued at over $4.6 billion.

Analysts speculate this massive cash injection could propel Bitcoin’s price to $135,000 by the end of the year, driven by Saylor’s aggressive purchasing strategy.

MicroStrategy’s stock (MSTR) has seen volatile movement, initially dropping 16% after a 106% rally in November.

ETFs tied to MicroStrategy have also driven trading volumes, with leveraged ETFs seeing billions in activity, surpassing trading volumes of major tech stocks like Apple.

Meanwhile, institutional interest in Bitcoin continues to grow. BlackRock’s Bitcoin ETF (IBIT) recorded $5 billion in trading volume, its second-highest day ever, contributing to total inflows into spot Bitcoin ETFs exceeding $1 billion.

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.

Telegram

SHARE: SHARES
More Bitcoin News
No Comments yet!

Your Email address will not be published.