Business intelligence firm and corporate Bitcoin holder MicroStrategy has acquired an additional 11,931 BTC for around $786 million in cash, taking its total holdings to 226,331 BTC. The latest acquisition follows the completion of its $800 million convertible note offering on Tuesday.
MicroStrategy Bitcoin Stash Swells To Nearly $15 Billion
Microstrategy, the largest corporate holder of Bitcoin, has doubled yet again on the world’s largest cryptocurrency, snapping up an additional 11,931 BTC for $786 million, according to a Thursday U.S. Securities and Exchange filing and an announcement from Michael Saylor, the company’s chairman.
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
The latest acquisition brings MicroStrategy’s total holdings to 226,331 BTC, worth $14.8 billion at the current Bitcoin price of approximately $65,861. In total, the Tyson, Virginia-based firm has spent $8.33 billion to build its BTC treasury after buying the crypto at an average price of $36,798 per coin. This means that MicroStrategy is sitting on over $6 billion in unrealized profits.
Last week, the Michael Saylor-founded company announced its plans for a $500 million convertible notes sale to institutional investors in an effort to finance its Bitcoin acquisition strategy. The company then upsized the offering to $700 million before closing it at $800 million.
The net proceeds from the sale of the notes were roughly $786 million after subtracting the initial purchasers’ discounts and commissions and estimated offering costs payable by MicroStrategy. In March, the company purchased 9,245 BTC for $623 million after raising cash in a similar debt issuance.
Saylor and MicroStrategy kicked off the Bitcoin buying master plan in August 2020. They have since continued to acquire the premier crypto using debt sales and cash, with Saylor calling it “digital gold” and a better alternative to holding fiat. The Bitcoin bull has maintained that MicroStrategy has no plans of selling Bitcoin as he believes it is the “exit strategy”.
MicroStrategy’s latest BTC buy comes amid a price rollercoaster in the cryptocurrency market. Bitcoin has taken a tumble in recent days, falling to as low as $64,248, according to data provider CoinGecko. Earlier today, the Bitcoin price touched the $66,000 mark and hit an intraday high of $66,436. As of press time, the OG crypto is changing hands for $65,438, up a modest 0.6% on the day.