Since MicroStrategy announced the sale of its convertible senior notes on November 18 to acquire more Bitcoin, the company’s stocks have surged by nearly 40%. This has pushed MicroStrategy among the top 100 publicly listed businesses in the US market, overtaking Intel and Dell.
The firm used the funds from this sale to acquire $4.6 billion worth of Bitcoin on the same day as their announcement of $1.75 billion in convertible notes. Two days later, high demand pushed the firm to expand its offering to $2.6 billion in notes.
The MicroStrategy Market Cap Nears $110 Billion
The latest purchase and Bitcoin’s ongoing bullish cycle have driven MicroStrategy’s stock market cap to over $107 billion. However, their bulk purchase was no surprise. Just one week earlier, the firm had bought $2 billion in BTC.
This latest cycle of upward stock performance is a strong reflection of how Michael Saylor’s Bitcoin-focused policy has benefited the firm, more so in the post-election period. Since its first purchase in 2020, the company has been steadily building its Bitcoin reserves, spending $16.5 million thus far.
Because of Saylor’s BTC-first approach, the company has significantly outperformed other notable firms in the US stock market. MicroStrategy was among the highest-performing stocks today. MSTR even appeared at the top of the list at one point, which was picked up almost immediately by analysts.
“Wow MSTR
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Author: Farah Ibrahim
