Citi downgrades MicroStrategy stock after bold Bitcoin bet
MicroStrategy's share price has been surging since August when the company first announced its Bitcoin play. Many investors view MSTR as an indirect investment in Bitcoin, given the company's vast digital currency reserves.
On Monday, MicroStrategy revealed plans to allocate another $400 million to its Bitcoin treasuries. To do so, the company plans to issue $400 million in convertible senior notes. As Cointelegraph reported, $400 million would increase the company's Bitcoin reserves by more than 20,800 BTC.
MicroStrategy is by far the biggest corporate holder of Bitcoin. It currently has 40,824 BTC on its books, worth a combined $2.756 billion.
