MicroStrategy Files to Sell Up to $500M of Stock to Fund Bitcoin Purchases

MicroStrategy’s stock has, as a result, become tethered to the price of bitcoin – resulting in a $1.2 billion loss on the bitcoin bet given this year’s plunge. But the shares surged 12% Friday as bitcoin jumped almost 10%. The stock fell about 1.5%, though, in after-hours trading following the announcement of the stock offering, which will dilute the value of existing shares.