MicroStrategy, a leading business intelligence and software company, has continued its steadfast commitment to Bitcoin by purchase another 11,931 BTC for a total of $786 million.
BREAKING: MicroStrategy buys another 11,931 #Bitcoin for $786 million. photo.twitter.com/H7XN5XtBtK
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
On June 18, MicroStrategy completed a private offering of convertible senior notes, which included a 2.25% coupon and a conversion premium of approximately 35% above the U.S. composite volume-weighted average price of MicroStrategy’s Class A common stock. The offering was well received in the market and was increased to an aggregate principal amount of $800.0 million, MicroStrategy said. This amount included the exercise by the initial purchasers of their option to purchase an additional $100.0 million of notes, resulting in net proceeds from the offering to MicroStrategy of approximately $786.0 million.
“On June 20, 2024, MicroStrategy announced that during the period between April 27, 2024 and June 19, 2024, MicroStrategy acquired approximately 11,931 bitcoins for approximately $786.0 million in cash, using proceeds from the offering and excess cash (defined in our Quarterly Report on Form 10-Q for the three months ended March 31, 2024), at an average price of approximately $65,883 per bitcoin, including fees and expenses,” the company said.
The company entered the Bitcoin market in August 2020, making an initial BTC investment of $250 million. Since then, they have consistently grown their Bitcoin holdings and created a treasury reserve strategy that has amassed over 226,331 bitcoin, worth over $14.9 billion at the time of writing.
“As of June 20, 2024, MicroStrategy, together with its subsidiaries, owned an aggregate of approximately 226,331 bitcoins, which were acquired for an aggregate purchase price of approximately $8.33 billion and an average purchase price of approximately $36,798 per bitcoin, including fees and expenses,” MicroStrategy concluded.