MicroStrategy (MSTR), a prominent player in the bitcoin investment space, has made its way into the top 100 publicly traded U.S. companies, now ranked 97th by market capitalization.
The company’s stock experienced a 12% surge on Tuesday, pushing it past the $400 mark and reflecting the simultaneous rise of bitcoin, which hit a new all-time high of over $94,000. This performance helped MicroStrategy jump 29 spots on the rankings, marking a significant milestone for the firm.
The stock continued its upward trajectory into Wednesday, rising an additional 6.6% in premarket trading, as bitcoin’s record-breaking climb continued. The company’s growth was further fueled by the announcement that it had upsized its convertible debt offering to $2.6 billion, up from the previously planned $1.75 billion. The proceeds from this offering will be allocated to purchasing more bitcoin, continuing MicroStrategy’s aggressive accumulation strategy.
This debt offering, the largest of six issued by the company, spans maturities between 2027 and 2032. As of November 18, MicroStrategy held 331,200 bitcoins, with a current value of over $30 billion, aligning with the company’s nearly $100 billion market cap.
