MicroStrategy acquires Additional $786 million worth of Bitcoin
MicroStrategy announced today that the company has acquired 11,931 Bitcoin (BTC) for approximately $786.0 million using proceeds from convertible notes and excess cash.
MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor⚡️ (@saylor) June 20, 2024
In a statement released on June 20, 2024, MicroStrategy stated that, between April 27, 2024, and June 19, 2024, it paid approximately $786.0 million in cash for about 11,931 bitcoins. This sum consisted of the proceeds from the offering and excess cash for three months ending March 31, 2024, at an average price of $65,883 per bitcoin, including fees and expenses.
In total, MicroStrategy and its subsidiaries held roughly 226,331 bitcoins as of June 20, 2024. These were purchased for about $8.33 billion, with an average purchase price of roughly $36,798 per bitcoin, including fees and expenses, according to the company's founder and executive chairman, Michael Saylor.
It was reported earlier on June 18, 2024, that the private offering of convertible senior notes by Microstrategy, which took place on June 13, 2024, from 9:30 a.m. to 4:00 p.m. Eastern Daylight Time, was well received in the market and increased to an aggregate principal amount of $800.0 million. Approximately $786.0 million was the net proceeds from the offering to MicroStrategy, according to a filing on Thursday.
With the acquisition of 9,245 BTC for $623 million in March and two subsequent smaller purchases, MicroStrategy's holdings of bitcoin surpassed 1% of the 21 million total supply for the first time. Given that bitcoin is currently worth roughly $66,000, the business intelligence firm MicroStrategy is currently valued at approximately $15 billion.
Since beginning to invest in Bitcoin in 2020, Michael Saylor and MicroStrategy have led the push to name the cryptocurrency a reserve asset for corporate treasuries.
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