MicroStrategy Slumps 14% After Short Seller Says Stock Trades at an Unjustifiable Premium to Bitcoin
The bitcoin price implied by MicroStrategy’s share price is $177K, 2 ½ times the spot price of the cryptocurrency, the report said.
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The bitcoin price implied by MicroStrategy’s share price is $177K, 2 ½ times the spot price of the cryptocurrency, the report said.
MicroStrategy now holds approximately 214,246 BTC ($13.5 billion), which is more than 1% of all the 21 million bitcoin that will ever exist.
The firm announced its plans to raise $500 million in a debt offering on Wednesday only days after purchasing 12,000 BTC with the proceeds of a previous $700 million offering.
The debt offering comes just days after the company closed on an $800 million capital raise, also with proceeds used to buy bitcoin.
The convertible notes Coinbase wants to sell include provisions aimed at aiding its stock investors.
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Michael Saylor is celebrated for his innovative contributions to software and exceptional financial skills. With a net worth estimated at … Continue reading
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Bitcoin could target $58,000 after the breakout, Swissblock analysts suggested.