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MicroStrategy has broken into the top 100 U.S. publicly traded companies by market cap, with its capitalization now approaching $100 billion.
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Shares are up another 6% premarket after bitcoin moved to a new record high and the company upsized its latest capital raise to $2.6 billion from $1.75 billion.
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Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).
Self-described bitcoin development company MicroStrategy (MSTR) has just breached into the top 100 U.S. publicly traded companies, currently sitting in 97th place.
The company jumped 29 places on Tuesday’s performance, which saw a 12% price surge through $400 a share. The impressive gain coincided with bitcoin hitting new all-time highs of over $94,000.
Shares rose further on Wednesday morning as bitcoin (BTC) added to its record high and the company upsized its 0% convertible debt offering to $2.6 billion from the previously announced $1.75 billion. Proceeds are to be used to purchase more bitcoin. At press time, the stock was higher by 6.6% premarket and 528% year-to-date.
The company has now issued six convertible notes, maturing from 2027 to 2032, with this latest offering the largest so far.
As of Nov. 18, MicroStrategy held 331,200 bitcoin, which would make their current stack worth over $30 billion versus close to a $100 billion market cap.
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