Firms Ride Bitcoin Wave to Raise Billions From Convertible Debt

A rally across cryptocurrencies has made winners out of a handful of firms in the sector that followed MicroStrategy Inc.’s playbook of selling convertible bonds, thanks to President-elect Donald Trump choosing a crypto-friendly financier to head the top US financial regulator.

Investors have been piling into companies with ties to the industry, opening the floodgates for fundraising. MicroStrategy’s $6.2 billion worth of convertibles issued this year is just the start, as part of its latest plan to raise $21 billion through fixed income issuance. Other firms also rode the wave, with MARA Holdings Inc.selling more than $2 billion ...