MicroStrategy Bought 11,931 More Bitcoin For $786 Million

Leading business intelligence and software company MicroStrategy remains steadfast in its commitment to Bitcoin, purchase An additional 11,931 BTC brings the total cost to $786 million.

On June 18, MicroStrategy completed a private offering of convertible senior notes, including a 2.25% coupon and a conversion premium of approximately 35% over the U.S. composite volume weighted average price of MicroStrategy’s Class A common stock. According to MicroStrategy, the offering was well received by the market and raised the aggregate principal amount of the notes to an aggregate of $800 million, which included the initial purchasers exercising their options to purchase an additional $100 million of notes, resulting in net proceeds to MicroStrategy from the offering of approximately $786 million.

“On June 20, 2024, MicroStrategy announced that during the period from April 27, 2024 to June 19, 2024, it used the proceeds from the offering and excess cash (as defined in its Quarterly Report on Form 10-Q for the three months ended March 31, 2024) to acquire approximately 11,931 Bitcoin for approximately $786 million in cash, at an average price of approximately $65,883 per Bitcoin, including fees and expenses,” the company said.

The firm first entered the Bitcoin market in August 2020 with an initial investment of $250 million in BTC. Since then, it has steadily increased its Bitcoin holdings, building a treasury reserve strategy that has amassed over 226,331 Bitcoin, worth over $14.9 billion at the time of writing.

“As of June 20, 2024, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 226,331 Bitcoin, acquired for an aggregate purchase price, including fees and expenses, of approximately $8.33 billion and an average purchase price of approximately $36,798 per Bitcoin,” MicroStrategy concluded.

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