Bitcoin cryptocurrency market and the stock market impact

MicroStrategy is plans on offering six-year $600 million convertible senior notes to buy more Bitcoin

MicroStrategy Incorporated (NASDAQ:MSTR) is set for its third-straight pop today, after the company said it plans on offering six-year $600 million convertible senior notes in order to raise capital to buy more Bitcoin. There’s been plenty of buzz surrounding the cryptocurrency of late, including Tesla’s (TSLA) big grab and this morning’s surge above the $50,000 level. MSTR was last seen up 3.6% at $1,071.16. 

It’s been a volatile month for the equity, which toppled the $900 mark early last week, quickly nabbing a nearly 21-year high before taking a steep nosedive. The security looks to have regained some of its footing near the $975 region, however, and for the year, it boasts an impressive 166.2% lead. 

Despite this, short sellers  have been building their positions. In the last two reporting periods, short interest grew 16.4%, and now makes up almost 20% of the stock’s available float, or a little under two days of pent-up buying power. And while most analysts are quiet on MSTR, the single analyst in coverage considers it a “strong sell.”

The options pits aren’t so pessimistic, though. Data from the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows that in the last 10 days, 9,414 calls were exchanged — almost triple the 3,304 puts picked up in the same time period.