MSTR Rises Over 8% In Thursday’s Premarket As Bitcoin Approaches $98,000: Michael Saylor’s Firm Has More Than Doubled Investors’ Wealth Since Trump’s Victory – MicroStrategy (NASDAQ:MSTR)

MicroStrategy Inc. MSTR had risen by 8.45% during the pre-market on Thursday as Bitcoin BTC/USD approached the $98,000 mark, according to Benzinga Pro.

The company also announced Wednesday that it would increase its convertible senior notes offering to $2.6 billion from the initial $1.75 billion.

The 0% convertible senior notes mature in 2029 and will be offered to qualified institutional buyers under Rule 144A of the Securities Act together with a few non-US persons in accordance with Regulation S. The initial conversion price has been set at $672.40 per . a premium of 55% compared to the closing price on 19 November.

MicroStrategy expects to raise $2.58 billion in net proceeds, which will be used to acquire additional Bitcoin along with general purposes.

The offering is set to close on November 21, pending customary conditions.

Listed by Michael Saylorthe company pivoted its strategy towards Bitcoin in 2020 and has since banked on the cryptocurrency’s gains. Recently, its market capitalization reached $96.73 billion just after Bitcoin crossed the $94,000 mark, surpassing the combined market capitalization of two of the world’s largest gold mining companies.

At Wednesday’s close, MSTR’s market capitalization reached $96.02 billion, up 108% from its November 4 valuation, following the crypto rally spurred by Donald Trump‘s victory.

Bitcoin’s recent rally followed reports of a dedicated cryptocurrency role in Trump’s administration that would act as a bridge between the White House, Congress and regulatory agencies like the SEC and CFTC.

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