MicroStrategy plans to turn to fixed income securities to raise funds for buying Bitcoin
MicroStrategy co-founder and chairman Michael Saylor said that once the current fundraising plan is exhausted, the company will shift from a leveraged Bitcoin proxy scheme to focus more on fixed-income securities to raise funds for purchasing cryptocurrencies. He stated that the company uses regulated exchanges like Coinbase to buy Bitcoin. MicroStrategy's stock price has risen about 500% this year, far exceeding Bitcoin's increase of approximately 150%. Hedge funds have been looking for its fixed-income securities to implement convertible arbitrage strategies - buying bonds and shorting stocks, essentially betting on the volatility of the target stock. This demand drove MicroStrategy to issue $6.2 billion worth of convertible bonds this year.
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Smart ring manufacturer Oura's IPO was oversubscribed by approximately four times, planning to issue 50 million shares at a maximum price of $44 per share, aiming to raise up to $2.2 billions, with a fully diluted valuation of about $15 billions. Against the backdrop of companies like Holtec Nuclear withdrawing their IPO plans due to market conditions, Oura is expected to become the first major IPO in nearly three months to raise over $1 billion, injecting new vitality into the long-dormant U.S. IPO market.
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