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.
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