MicroStrategy completed a $3 billion zero-interest convertible note offering while its stock fell 16.2% despite Bitcoin approaching $100,000, highlighting growing market debate about the company's valuation relative to its Bitcoin holdings.

MicroStrategy has completed its offering of 0% convertible senior notes. The company states the net proceeds from the offering will be used to purchase more Bitcoin

The convertible senior notes offer holders options for cash, stock, or a mix, with a starting conversion rate tied to a $672 strike price.