MicroStrategy Purchases Another 11,931 Bitcoin for $786 Million

Today, the American software and business intelligence firm MicroStrategy recently announced its substantial acquisition of Bitcoin (BTC).

Between April 27 and June 19, 2024, the company bought 11,931 BTC at $65,883 per Bitcoin, totaling $786 million. This move shows MicroStrategy’s ongoing commitment to Bitcoin.

MicroStrategy’s Aggressive Bitcoin Strategy: Latest Purchase and Future Plans

In a recent 8-K Securities and Exchange Commission (SEC) filing, MicroStrategy stated that it used proceeds from a private offering of convertible senior notes and excess cash to fund this purchase. The firm completed the private offering on June 18, 2024.

Furthermore, the filing revealed that MicroStrategy secured $800 million from the offering, which featured a 2.25% coupon and a 35% conversion premium over the average price of its class A common stock. This amount included the initial purchasers’ exercise of their option to purchase an additional $100 million of notes.

Michael Saylor, the founder and chairman of MicroStrategy, shared his comment regarding this purchase.

“As of June 20, 2024, MicroStrategy holds 226,331 BTC acquired for ~$8.33 billion at an average price of $36,798 per Bitcoin,” he said.

BeInCrypto reported that last week, MicroStrategy unveiled a strategic initiative to augment its Bitcoin holdings, announcing an offering of $500 million in convertible senior notes due 2032. Notably, the recent purchase also solidifies MicroStrategy’s position as a public company with the largest Bitcoin holdings. It currently owns approximately 1% of the total Bitcoin supply.