MicroStrategy buys 12k new BTC

June 20, 2024 at 1:02 pm

Edited by Jayson Derrick

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MicroStrategy shows no signs of slowing down with another $786 million purchase of Bitcoins.

MicroStrategy expanded its Bitcoin holdings with the purchase of 11,931 BTC for $786 million in cash “using proceeds from convertible notes,” the firm’s founder Michael Saylor confirmed in a Thursday morning X post.

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

The company also confirmed in a regulatory filing that it acquired the nearly 12,000 BTC between April 27 and June 19 at an average price of approximately $65,883 per BTC. With the latest purchase, MicroStrategy, together with its subsidiaries, now hold 226,331 BTC valued at around $15 billion.

The purchase follows less than a week after MicroStrategy announced an $800 million offering in convertible senior notes at a rate of 2.25% per annum, aimed at further Bitcoin acquisitions. Despite the massive purchase, MicroStrategy appears to be second only to BlackRock, which currently holds over 305,000 BTC in its spot Bitcoin exchange-traded fund.

Following the announcement, MicroStrategy’s share price (MSTR) increased by 2.3% in pre-market trading, reaching $1,503, according to Nasdaq data. As of press time, Bitcoin is trading at approximately $65,944, as per CoinMarketCap data.