MicroStrategy Acquires an Additional 11,931 Bitcoin for $786 Million
MicroStrategy, a business intelligence and software company, has acquired an additional 11,931 Bitcoin for a total of $786 million.
MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor⚡️ (@saylor) June 20, 2024
On June 18th, 2024, MicroStrategy completed a private offering of convertible senior notes with a 2.25% coupon and approximately a 35% conversion premium over the U.S. composite volume-weighted average price of MicroStrategy's class A common stock.
The offering was increased to a total of $800 million in aggregate principal amount.
MicroStrategy Completes $800 Million Offering of Convertible Notes at 2.25% Coupon and 35% Conversion Premium $MSTR https://t.co/qJ6awPbKjO
— Michael Saylor⚡️ (@saylor) June 20, 2024
This amount included the initial purchasers exercising their option to buy an additional $100 million in notes, resulting in net proceeds of approximately $786 million for MicroStrategy.
On June 20th, 2024, MicroStrategy reported that between April 27th, 2024, and June 19, 2024, it acquired around 11,931 Bitcoin for approximately $786 million in cash.
This purchase was funded by the proceeds from the offering and excess cash, at an average price of about $65,883 per Bitcoin, including fees and expenses.
MicroStrategy first invested in Bitcoin in August 2020 with an initial investment of $250 million. Since then, the company has consistently increased its Bitcoin holdings.
As of June 20th, 2024, MicroStrategy and its subsidiaries held approximately 226,331 Bitcoin, acquired at a total cost of about $8.33 billion and an average price of roughly $36,798 per Bitcoin, including fees and expenses.