MicroStrategy’s stock price is on the rise today as Bitcoin surpasses $68,000, reaching its highest point since July. The company’s significant Bitcoin holdings make its stock highly sensitive to Bitcoin price fluctuations. This surge comes as Bitcoin ETFs see major inflows and MicroStrategy prepares to release its third-quarter earnings.
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MicroStrategy, known for its Bitcoin holdings, announced a $700 million convertible note offering. While the company plans to use the proceeds for Bitcoin purchases and general corporate purposes, the news triggered a decline in its stock price after-hours.