MicroStrategy shares fall after firm reveals plans to sell convertible debt to buy more bitcoin

Shares of MicroStrategy were fell more than 3% Tuesday after the enterprise software company announced intentions to purchase more bitcoin.In a press release, MicroStrategy said it plans to offer $600 million of senior convertible notes and use the net proceeds to buy bitcoin.After the announcement, its share price gad risen more than 5% in premarket trading. The company already owns nearly 72,000 units of bitcoin as of a Feb. 2 regulatory filing. That's worth nearly $3.6 billion based on the price of the virtual currency Tuesday.It's the second time MicroStrategy has raised funding to finance a purchase of the cryptocurrency. In December, the Virginia-based company closed a $650 million senior convertible note offering.Convertible notes are debt that can be turned into a company's stock, cash or a combination of both at a later date.Under the leadership of chairman and CEO Michael Saylor, MicroStrategy became an early adopter of companies buying…

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