MicroStrategy’s ‘financial engineering’ powers ascent to Nasdaq 100

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Financial Times 21h ago

MicroStrategy’s ‘financial engineering’ powers ascent to Nasdaq 100 - Financial Times

Quick Summary:

As MicroStrategy’s shares surged earlier this year, bond investors who had lapped up its March convertibles quickly became equity holders as their bonds were converted.

MicroStrategy has raised almost $20bn from investors this year to buy bitcoin, fuelling a meteoric rise for the once-obscure software company into the Nasdaq 100 index of large-cap US technology stocks.

Such instruments usually pay a fixed coupon but also convert into shares at an agreed price, allowing investors to benefit from equity’s unlimited upside while providing the perceived downside protection of bonds.