MicroStrategy Raised 1 Billion, Kept Bitcoin Promise, Purchased
After holding $1.01 billion, software company MicroStrategy kept its promise in Bitcoin and bought again.
According to the statement made by MicroStrategy today, the company successfully completed the issuance of 0.625 percent interest convertible bonds worth $1.01 billion. The company announced that it will use some of the funds it obtained from here to purchase Bitcoin.
Bitcoin Kept Its Promise, Purchased Largely
According to the statement made by MicroStrategy manager Michael Saylor, the company used $458.2 million of the funds it obtained from here to purchase another 7,420 Bitcoins (BTC).
The company, which spent an average of $61,750 per unit for these, has a total of 252,220 Bitcoins in its reserves as of September 19, 2024. For these, it spent $39,266 per unit; approximately $9.9 billion in total.
Michael Saylor also emphasized that they have achieved a 5.1 percent return since the beginning of the quarter and a 17.8 percent return since the beginning of the year in Bitcoin.
Will Also Use the Rest
The special bond issuance, which was completed on September 19 and is aimed at institutional investors, offers investors the opportunity to convert into cash or MicroStrategy shares.
The company also plans to use some of the bonds to repay $500 million in Senior Secured Notes. This repayment will release 69,080 Bitcoins held as collateral.
