MicroStrategy Shares Rise Wednesday: What’s Happening? – MicroStrategy (NASDAQ:MSTR)

MicroStrategy Inc MSTR shares traded higher on Wednesday after the company announced the pricing of an increased offering.

What happened: MicroStrategy announced another planned offering after the market closed on Monday. The company priced the scaled-up offering on Wednesday morning.

MicroStrategy said it will offer $2.6 billion (up from $1.75 billion) worth of its 0% convertible senior notes due 2029 in a private offering to qualified institutional buyers. MicroStrategy also granted the original purchasers a three-day option period to purchase up to an additional $400 million of the notes.

The offer is expected to close on Thursday. MicroStrategy expects approx. $2.58 billion in proceeds from the sale. The company said it plans to use the net proceeds to buy more Bitcoin BTC/USD.

Per As of November 17, MicroStrategy had purchased a total of 331,200 Bitcoins at an average price of approximately $49,874 per coin, after the company acquired approximately 51,780 Bitcoins between November 11 and November 17 for $4.6 billion in cash.

MicroStrategy and several other crypto-related stocks are also moving higher on Wednesday as Bitcoin hits new records. Bitcoin rose about 2.4% over a 24-hour period and was trading around $94,350 at the time of writing.

Check this out: Robinhood Positioned as Best Trade in ‘Crypto Deregulation,’ Bernstein Says

MSTR price action: MicroStrategy shares were up 9.4% at $471.00 at the time of the announcement, according to Benzinga Pro.

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