What's Going On With MicroStrategy Stock Today?

MicroStrategy Inc MSTR shares are trading higher. The company on Wednesday announced the pricing of its convertible senior notes offering.

What Happened: MicroStrategy said it will offer $700 million aggregate principal amount of 0.625% convertible senior notes due 2030 in a private offering to qualified institutional buyers. The company plans to grant the initial purchasers a 13-day window to buy an additional $100 million worth of the notes.

MicroStrategy said at the beginning of the week that it expected to offer $600 million worth of its convertible senior notes, so the offering has been upsized by $100 million.

MicroStrategy anticipates approximately $684.3 million in net proceeds from the offering. The company expects to use the proceeds to buy more bitcoin, as well as for general corporate purposes. The offering is expected to close on March 8.

The offering comes as MicroStrategy shares have surged more than 106% over the last month alongside rising bitcoin prices. MicroStrategy shares hit their highest levels since March 2000 this week.

MicroStrategy is a business intelligence, mobile software and cloud-based services company, focused on accumulating bitcoin. Last week, the company said it bought an additional 3,000 Bitcoin in February. MicroStrategy held 193,000 Bitcoin as of Feb. 25.

Read Next: Bitcoin To Reach $355K? Veteran Trader Tone Vays Predicts ‘Surprise’ Upward Swing

MSTR Price Action: MicroStrategy shares were up 5.52% at $1,107.77 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.