MicroStrategy Bonds Likely to Convert After 390% Share Jump bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Crypto investor MicroStrategy Inc. is caught in a bind, as Bitcoin’s recent rally has lifted not only its shares, but also its convertible bonds. With the cost of refinancing up by 280%, investors are bracing for the firm to convert the bonds into stock instead.Most Read from BloombergUS Slams Strikes on Russia Oil Refineries as Risk to Oil MarketsBond Trader Places Record Futures Bet on Eve of Inflation DataIran’s Better, Stealthier Drones Are Remaking Global WarfareTrumpism Is E
A long-awaited wave of convertible bonds made landfall last week, with Global Payments Inc. and Lyft Inc. among the companies tapping investors for relief from the so-called maturity wall at relatively attractive prices.