MicroStrategy, a leading business intelligence and software company, has continued its steadfast commitment to Bitcoin by… buying An additional 11,931 BTC for a total cost of $786 million.
Breaking: MicroStrategy buys an additional 11,931 #Bitcoin For $786 million. pic.twitter.com/H7XN5XtBtK
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
On June 18, MicroStrategy completed a private offering of convertible notes, which included a 2.25% coupon and approximately 35% conversion premium over the U.S. composite volume-weighted average price of MicroStrategy's Class A common stock. MicroStrategy stated that the offering was well received in the market and was increased to a total of $800.0 million in aggregate principal amount. This amount included the exercise by the initial purchasers of their option to purchase $100.0 million of additional securities, resulting in the 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 Bitcoin for approximately $786.0 million in cash, using proceeds from supply and excess cash (defined in our quarterly report),” the company stated in Its Form 10-Q report for the three months ended March 31, 2024), at an average price of approximately $65,883 per bitcoin, including fees and expenses.
The company initially entered the Bitcoin market in August 2020, making an initial investment in Bitcoin of $250 million. Since then, they have continually added to their Bitcoin holdings, creating 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 affiliates, held a total of approximately 226,331 Bitcoins, which were acquired at an aggregate purchase price of approximately US$8.33 billion and an average purchase price of approximately US$36,798 per Bitcoin, including fees and expenses,” MicroStrategy concluded.