MicroStrategy has added $458 million to its bitcoin bag with the purchase.
The company raised the funds through a debt offering.
#MicroStrategy , a business intelligence company, continues to buy bitcoins (BTC) after raising $1.01 billion through a convertible debt offering. The #BTC purchase demonstrates the company's continued commitment to the #Bitcoin network. It also comes amid an ongoing market rally, with the price of BTC hovering around $BTC Earlier today, MicroStrategy Chairman Michael Saylor announced that the company has purchased an additional 7,420 BTC for approximately $458.2 million (approximately $61,750 per coin).
This latest transaction brings MicroStrategy's yield to 5.1 percent for the current quarter and 17.8 percent since the beginning of the year. BTC Yield is a new concept developed by MicroStrategy that measures the percentage change in bitcoins owned by a company relative to the number of shares it owns.
the concept provides accurate data on how the value of bitcoins owned by shareholders changes based on the number of shares they own. It is also an important part of the company's strategy to increase bitcoin reserves and protect against inflation risk.
As of September 19, 2024, MicroStrategy owned 252,220 BTC worth approximately $9.9 billion, acquired at a price of approximately $39,266 per coin The acquisition of 7,420 BTC followed a series of previous acquisitions. The company began accumulating bitcoins in 2020 and still considers this digital asset a major component of its financial resources.
MicroStrategy, led by Michael Saylor, has consistently financed its bitcoin purchases in a variety of ways, including through debt issuance. The latest bitcoin purchase came after Mr. Saylor announced the completion of a $1.01 billion convertible bond offering.
the offering included $135 million in proceeds from the exercise of options by the original purchasers.
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