MicroStrategy has continued to expand its bitcoin holdings, announcing today the purchase of approximately 9,245 bitcoins for around $623 million in cash.
According to the company btc-and-now-holds-214-246-btc_03-19-2024″>new press release, acquired bitcoin between March 11 and 18, using proceeds from its recent convertible senior notes offering and the company's excess cash. The average purchase price was approximately $67,382 per bitcoin.
This latest acquisition comes just after MicroStrategy raised $603.75 million through a private offering of 0.875% convertible senior notes due 2031. The company increased the planned $500 million offering after seeing strong demand.
With the new purchase of 9,245 btc, MicroStrategy now owns an aggregate total of approximately 214,246 bitcoins purchased at an average price of $35,160 per bitcoin. The company has spent $7.53 billion to build up its bitcoin treasury reserves.
Led by CEO Michael Saylor, MicroStrategy continues to aggressively execute its bitcoin strategy even amid bitcoin market volatility.
The company aims to maintain bitcoin as its main corporate treasury asset, taking on debt and issuing shares to raise funds for further accumulation. MicroStrategy now owns more than 1% of the total bitcoin supply.
While skeptics argue that bitcoin-backed loans introduce balance sheet risks, Saylor remains firmly confident in bitcoin's long-term trajectory. With its latest purchase enabled by the larger bill offering, MicroStrategy is doubling down on bitcoin.
