MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin BTC/USD and for general corporate purposes. MicroStrategy holds a total of 331,200 Bitcoin purchased at an average price of approximately $49,874 per coin as of Nov. 17.

MicroStrategy stock is up more than fivefold in 2024 thanks to a furious rally in bitcoin. Here's what you need to know.

MicroStrategy is severely overvalued with a 150% premium over Bitcoin. Learn why MSTR stock is a Sell and direct Bitcoin purchases or ETFs are better alternatives.

MicroStrategy shares rocketed higher again Wednesday, as the largest corporate holder of bitcoin reaps the benefits of record-high prices for the cryptocurrency.

Shares of business analytics software company MicroStrategy (NASDAQ:MSTR) jumped 15% in the afternoon session after the company announced the pricing of a new private offering of $2.6 billion in convertible senior notes due in 2029.

MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund.

Citron Research has taken a short position in MicroStrategy, the company said in a post on social media platform X on Thursday. Shares of the largest corporate holder of bitcoin were last down more than 8%.

"Nearly four years ago, Citron was the first to tell readers that MicroStrategy was the ultimate way to invest in Bitcoin, setting a $700 target," the short seller said in a post on X. "Fast forward to today: MSTR has skyrocketed to over $5,