MicroStrategy shares plummeted 7.36% to $164.36 following a $2.01 billion bitcoin acquisition and a plan to repurchase $1.5 billion in debt. The market reacted negatively to the possibility of the company selling bitcoin to fund the debt retirement, viewed as a shift in its aggressive accumulation strategy.
- The firm purchased 24,869 bitcoins at an average price of $80,985, which represents a notable premium over current market valuations.
- MicroStrategy intends to repurchase $1.5 billion in convertible debt at a discount, potentially utilizing bitcoin sales to facilitate the transaction.
- Investors expressed concern over the potential change in corporate strategy, despite reassurances from Michael Saylor.