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22 June 2021

MicroStrategy stock slides after announcing new $400M debt raise to buy Bitcoin

MicroStrategy stock slides after announcing new $400M debt raise to buy Bitcoin


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A lackluster balance sheet, excessive debt load, and over-leveraged exposure to Bitcoin (BTC) have crashed MicroStrategy (MSTR) stock by more than 63% since February 2021 already.

Nevertheless, the business intelligence company has ignored the risks of its frothy valuations; it now wants to raise more debts and buy Bitcoin with proceeds.

MicroStrategy announced Monday morning that it "intends to raise $400 million aggregate principal amount of senior secured notes in private offering [...] to acquire additional Bitcoins." The company already holds more than 92,000 BTC worth about $3.31 billion at current exchange rates, almost 1.5 times its principal investment.

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cointelegraph.com
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