Charted: MicroStrategy's fuel
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MicroStrategy last week did what MicroStrategy does — it sold about $1.5 billion worth of shares and bought an equal amount of bitcoin.
Catch up quick: The company's been known for a while now as a publicly traded bitcoin proxy — deriving much of its value from the 439,000 coins it now owns.
- But MicroStrategy's growth this year has made even bitcoin holders jealous, prompting plenty of questions about its soaring valuation.
Between the lines: MicroStrategy's strategy is to sell shares and convertible bonds to fund more bitcoin purchases — all done in a way that, it says, makes the whole thing accretive for investors.
- Its plan, it said in October, is to raise another $42 billion for that purpose between next year and 2027.
The latest: The company will be added to the Nasdaq 100 Index on Dec. 23, which Bloomberg estimated will fuel at least $2 billion in new stock purchases from the various ETFs that follow the index.
