BTC
by BSCN
March 11, 2024
This move, funded largely by a recently concluded $782 million convertible debt offering, brings MicroStrategy's total Bitcoin holdings to 205,000 BTC.
Software giant MicroStrategy (MSTR) closed its recent acquisition of 12,000 additional bitcoins (BTC) for $821.7 million, at $68,477 per coin.
MicroStrategy, led by fervent Bitcoin advocate Michael Saylor, now boasts a substantial Bitcoin treasury, totaling 205,000 BTC valued at approximately $14.73 billion.
This latest acquisition was made possible by the funds raised through the company's recent convertible debt offering. Before this purchase, MicroStrategy held approximately 193,000 BTC, acquired at an average price of $31,544 per coin.
The convertible debt offering, which included a 0.625% coupon and a substantial conversion premium, was well-received in the market. Originally set at $800 million, the offering was increased to meet demand, resulting in approximately $782 million in net proceeds to MicroStrategy.
The recent acquisition of Bitcoin, totaling $821.7 million, was funded using proceeds from the debt offering along with excess cash reserves.
The investment in Bitcoin aligns with MicroStrategy's belief in the cryptocurrency as an attractive long-term investment asset, Michael Saylor said in a recent X post.
BTC hitting an all-time high above $72,000 boosted MicroStrategy shares nearly 10% in premarket trading to $1,558.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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