MicroStrategy Buys BTC With Notes Proceeds

MicroStrategy has acquired an additional 11,931 Bitcoin (BTC) for $786 million, using the proceeds from convertible notes and excess cash at the price of $65,883 per BTC. 

This leaves the company’s holdings at 226,331 Bitcoin, acquired for roughly $8.33 billion at an average price of $36,798 per BTC.

MicroStrategy Buys More BTC

As CryptoMode reported, MicroStrategy, a business intelligence firm, announced the creation of over $800M in convertible senior notes to accredited investors, due in 2032.

The company increased the debt offering to $700M a day later, signaling the demand from investors. This week, the company completed the round and used the proceeds to buy more Bitcoin.

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

In a June 20 press release, the company announced the completion of the senior notes, which exceeded the $800M mark, including $100M worth of notes issued with purchase options.

It didn’t take a week for the company to complete the round, as on June 18, all buyers exercised the purchase agreement in full.

Diamond Hands Since 2020

MicroStrategy is one of the largest institutional holders of Bitcoin, led by BTC advocate Michael Saylor.

As Bitcoin soared in price in the first quarter of 2024 following the approval of spot Bitcoin exchange-traded funds (ETFs), the company’s stock, MSTR, skyrocketed to new heights on the Nasdaq exchange.

The company recently settled a $40M tax evasion lawsuit with the District of Columbia, making it the largest income tax fraud recovery in the district’s history.