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HEDGE FUNDS MAKE MICROSTRATEGY WALL STREET’S HOTTEST TRADE

 * Bitcoin proxy plans to sell $21 billion notes to fund buying
 * Convertible bonds at center of a multilayered volatility bet

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Michael Saylor Photographer: Liam Kennedy/Bloomberg
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By Yiqin Shen
December 5, 2024 at 1:00 AM GMT+1
Updated on
December 5, 2024 at 11:02 AM GMT+1
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To sate his multibillion dollar rampant appetite for Bitcoin, Michael Saylor has
tapped demand from retail investors transfixed by MicroStrategy Inc.’s more than
500% rally this year. He’s also benefited from hedge funds who care far less
where the stock trades.

Calamos Advisors LLC co-Chief Investment Officer Eli Pars has been among the
buyers for more than $6 billion of convertible notes sold by MicroStrategy this
year to finance the purchase of his ever-expanding cryptocurrency hoard. Like
many other managers, Pars uses the notes in market-neutral arbitrage bets that
exploit the surging volatility of the underlying asset.

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