.MicroStrategy has filed with the SEC for a stock offering to raise up to $500 million and said it intends to use the proceeds at least in part to buy more bitcoin. By NelWang
MicroStrategy's stock has, as a result, become tethered to the price of bitcoin – resulting in a $1.2 billion loss on the bitcoin bet given this year's plunge. But the shares surged 12% Friday as bitcoin jumped almost 10%. The stock fell about 1.5%, though, in after-hours trading following the announcement of the stock offering, which will dilute the value of existing shares.
Cowen and BTIG, two of the most-prominent investment banks that covers crypto-related stocks, are leading the stock offering.for allegedly evading taxes on Saylor’s earnings in the district.
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