(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)
By Pranav Kiran
TORONTO, July 2 (Reuters Breakingviews) - The $26 bln firm’s shares have leapt on a bitcoin buying binge, funded by bonds that can turn into stock. Unlike GameStop’s ragtag punters, MicroStrategy depends on hedge funds such as Citadel piling in. Thing is, they rely less on a rising share price than a wildly volatile one.
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<h3>CONTEXT NEWS</h3>
MicroStrategy on June 20 said that, between April 27 and June 19, it had purchased about 11,931 bitcoins for $786 million using proceeds from a convertible bond offering and excess cash.
Graphic: MicroStrategy outperforms Bitcoin and Nvidia
<img src="https://imageproxy.pbkrs.com/https://reut.rs/3VFSRXx?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1420" height="920" original-src="https://imageproxy.pbkrs.com/https://reut.rs/3VFSRXx"/>
(Editing by Jonathan Guilford and Sharon Lam)

MSTR

MicroStrategy, a $26 billion firm, has become a popular meme stock for hedge funds. The company's shares have surged due to its bitcoin buying spree, funded by convertible bonds. Unlike GameStop, MicroStrategy relies on hedge funds like Citadel, who are more interested in volatility than rising share prices. MicroStrategy recently purchased 11,931 bitcoins for $786 million.

BREAKINGVIEWS-MicroStrategy is hedge funds’ favorite meme stock