MicroStrategy Expands Debt Offering to $2.6B, Secures Spot in Top 100 U.S. Public Firms by Market Value

MicroStrategy (MSTR), a company heavily invested in bitcoin, has made a significant leap into the top 100 publicly traded U.S. companies, now ranked 97th by market capitalization.

The company’s stock surged by 12% on Tuesday, surpassing the $400 mark per share, largely fueled by Bitcoin reaching an all-time high of over $94,000. This impressive rally propelled MicroStrategy up 29 spots in a single day.

On Wednesday, the stock continued its upward momentum as Bitcoin’s price climbed even higher and MicroStrategy announced an upsized $2.6 billion convertible debt offering, up from the initial $1.75 billion. The additional funds are earmarked for further bitcoin purchases. As of premarket trading, the stock had risen by 6.6%, bringing its year-to-date gains to an astonishing 528%.

MicroStrategy has now issued six convertible notes with maturities ranging from 2027 to 2032, with this latest offering marking the largest in the company’s history. As of November 18, MicroStrategy holds 331,200 bitcoins, worth over $30 billion, positioning the company closer to its $100 billion market cap.