MicroStrategy purchased an additional 11,931 bitcoins for $786 million.
MicroStrategy, a leading business intelligence and software company, continued its unwavering commitment to Bitcoin by purchasing an additional 11,931 BTC for a total cost of $786 million.
BREAKING NEWS: MicroStrategy purchases 11,931 more units. #Bitcoin $786 million. pic.twitter.com/H7XN5XtBtK
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
On June 18, MicroStrategy completed a private offering of convertible senior notes carrying a 2.25% coupon and an approximately 35% conversion premium over the U.S. composite volume-weighted average price of MicroStrategy Class A common stock. According to MicroStrategy, the offering was well-received by the market and was expanded to a total principal amount of $800 million. This amount includes the exercise of an option by the initial purchasers to purchase an additional $100 million of notes, resulting in net proceeds to MicroStrategy of approximately $786 million.
“On June 20, 2024, MicroStrategy announced that during the period between April 27, 2024 and June 19, 2024, MicroStrategy will use the proceeds of the Offering and excess cash (as defined in the quarterly entries) to acquire approximately $786 million. It was announced that about 11,931 bitcoins were acquired for cash in dollars. “The average price per Bitcoin, including fees and expenses (report on Form 10-Q for the three months ended March 31, 2024), is approximately $65,883,” the company said.
The company first entered the Bitcoin market in August 2020, achieving an initial BTC investment of $250 million. Since then, they have continuously increased their Bitcoin holdings, establishing a treasury reserve strategy that has resulted in them acquiring over 226,331 Bitcoins, worth over $14.9 billion at the time of this writing.
“As of June 20, 2024, MicroStrategy, together with its subsidiaries, held a total of approximately 226,331 Bitcoins, with a total purchase price of approximately $8.33 billion and an average purchase price of approximately $36,798 per Bitcoin (including fees and expenses). Acquired. cost,” MicroStrategy concluded.
