What's Going On With MicroStrategy Stock After The Bell?

MicroStrategy, Inc. MSTR shares are climbing after-hours after the company announced it completed its previously announced offering of its 0% convertible senior notes due 2029. 

The Details: MicroStrategy said the aggregate principal amount of the notes sold in the offering was $3 billion, which includes $400 million aggregate principal amount of notes issued pursuant to an option to purchase. 

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The net proceeds from the sale of the notes were approximately $2.97 billion, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by the company. 

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.

What Else: MicroStrategy shares fell more than 16% in Thursday's regular session after short-seller Citron Research's Andrew Left announced he took a new short position in the stock which has rallied more than 50% since President-elect Donald Trump won the election on Nov. 5. 

"Fast forward to today: $MSTR has skyrocketed to over $5,000 (adjusted) … while Citron remains bullish on Bitcoin, we’ve hedged with a short $MSTR position," Left said. "Much respect to @saylor, but even he must know $MSTR is overheated," Citron Research wrote in a post on X. 

MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up 5.48% after-hours at $410.05 at the time of publication Thursday. 

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Photo: Courtesy of MicroStrategy, Inc.