Shares of MicroStrategy Inc. fell Tuesday, as the business-analytics software company and bitcoin play’s plan to offer convertible debt gave investors a reason to take a breather following the stock’s recent sprint to a 24-year high. Also weighing on MicroStrategy’s stock
MSTR,
+23.59%
was a 0.7% decline in bitcoin
BTCUSD,
-0.00%
in early-morning trading Tuesday, following a 34% run-up over the previous six sessions to close just shy of its record.
MicroStrategy said late Monday that the $600 million in senior notes due 2030 it plans to offer can be converted into shares of common stock, cash or a combination of both. The notes will be part of a private offering, in which only people believed to be “qualified institutional buyers” can participate. “MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes,” the company stated. The stock dropped 3.4% in premarket trading, after closing Monday at the highest price since March 17, 2000. The pullback comes after the stock rocketed 94.1% amid a six-day win streak, which was the longest win streak in four months and the biggest six-day gain in three years. Read: MicroStrategy stock rises 24% — tops $1,300 for first time in 24 years as bitcoin soars. MicroStrategy’s market capitalization ballooned by about $11 billion over …
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MSTR,
+23.59%
was a 0.7% decline in bitcoin
BTCUSD,
-0.00%
in early-morning trading Tuesday, following a 34% run-up over the previous six sessions to close just shy of its record.
MicroStrategy said late Monday that the $600 million in senior notes due 2030 it plans to offer can be converted into shares of common stock, cash or a combination of both. The notes will be part of a private offering, in which only people believed to be “qualified institutional buyers” can participate. “MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes,” the company stated. The stock dropped 3.4% in premarket trading, after closing Monday at the highest price since March 17, 2000. The pullback comes after the stock rocketed 94.1% amid a six-day win streak, which was the longest win streak in four months and the biggest six-day gain in three years. Read: MicroStrategy stock rises 24% — tops $1,300 for first time in 24 years as bitcoin soars. MicroStrategy’s market capitalization ballooned by about $11 billion over …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]