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Risking it all Disproportionate Focus MicroStrategy updated its initial statement and announced that it now anticipates raising $537.2 million in net proceeds from a debt offering to buy even more Bitcoins. This is significantly higher than the original target of $400 million. Furthermore, its unsecured, convertible senior notes will pay out 0.750% in interest annually to qualified institutional buyers – investors with at least $100 million under management – who buy in. Even without capital appreciation of Bitcoin, MicroStrategy can still structure asset lending or another yield earning strategy which will ensure that investors are not at a loss per se. The pricing document may be bullish for Bitcoin as it shows clear interest from institutional investors but the argument raised by analysts at Citi earlier in the week that CEO Michael Saylor’s “disproportionate focus” on Bitcoin is a potentially troubling trend for the business int ....