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Strategy Raising Another $2B to Buy More Bitcoin
The price of bitcoin rose modestly as the news hit just after the U.S. stock market close on Tuesday.
Updated Feb 18, 2025, 9:19 p.m. Published Feb 18, 2025, 9:18 p.m. 1 min read
What to know:
Strategy (MSTR), formerly MicroStrategy, is raising another $2 billion via 0% convertible notes. The underwriter greenshoe is for up to an additional $300 million of the paper, according to a press release.
Funds raised will be used mostly for the acquisition of additional bitcoin (BTC).
Led by Executive Chairman Michael Saylor, Strategy is the globe's largest corporate holder of bitcoin, with 478,740 tokens worth more than $45 billion at current prices.
Bitcoin cut earlier losses following the announcement, rising about 1% to $95,000, still lower by 1.2% over the past 24 hours.
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What to know:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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