<img src="https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MTg2NjA5MDA2MzYwNTM2OTI1/michael-saylor-max-keiser-bitcoin-2021.jpg” />
MicroStrategy, a leading software and business intelligence company, has continued its strong commitment to bitcoin by purchasing 11,931 additional btc at a total cost of $786 million.
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BREAKING: MicroStrategy buys an additional 11,931 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin for 786 million dollars. pic.twitter.com/H7XN5XtBtK
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1803763689624908061?ref_src=twsrc%5Etfw”>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% over the composite volume-weighted average price of MicroStrategy's Class A common stock. in the U.S. The offering was well received in the market and increased to a total of $800.0 million in aggregate principal amount, MicroStrategy said. This amount included the exercise by the initial purchasers of their option to purchase $100.0 million in additional 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 from April 27, 2024 to June 19, 2024, MicroStrategy acquired approximately 11,931 bitcoins for approximately $786.0 million in cash, using the proceeds of the Offer and Excess Cash (defined in our quarterly report). 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 stated.
The company initially entered the bitcoin market in August 2020, making an initial investment in btc of $250 million. Since then, they have steadily increased their bitcoin holdings, creating a treasury reserve strategy that has netted over 226,331 bitcoins worth over $14.9 billion at the time of writing.
“As of June 20, 2024, MicroStrategy, together with its subsidiaries, owned a total of approximately 226,331 bitcoins, which were acquired at 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.
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