MicroStrategy, the largest corporate holder of Bitcoin (BTC), made a noteworthy announcement on June 20. The company revealed that it had acquired an additional 11,931 BTC tokens, investing a staggering $786 million in the purchase. This news was shared through a press release.
With this latest purchase, MicroStrategy’s total holdings of Bitcoin have now increased to 226,331 tokens, which are valued at approximately $15 billion at the current price of around $66,000. Previously, as of April, the company had 214,400 Bitcoin tokens in its holdings.
MicroStrategy acquired these tokens at an average price of $36,798 each, totaling approximately $8.33 billion. Michael Saylor, the company’s executive chairman, emphasized that the additional Bitcoins were purchased using convertible note funds, amounting to approximately $786 million.
In a tweet, Saylor stated, “MicroStrategy has acquired an additional 11,931 BTC for ~$786.0 million 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 an average price of $36,798 per bitcoin.”
At the time of publication, the price of Bitcoin stood at $64,795.62, with no increase in the last 24 hours.
It is worth noting that MicroStrategy’s move to raise $500 million for a new Bitcoin purchase on June 13 highlights the growing confidence in cryptocurrencies. The funds would be raised through an offering of convertible senior notes, with an option for an additional $75 million. MicroStrategy, a business intelligence company, has established itself as a corporate holder of Bitcoin tokens.
The company specified in its official statement that the convertible senior notes, subject to market conditions and other factors, will mature in 2032. MicroStrategy plans to offer these notes privately to qualified institutional investors.
Disclaimer: The views and opinions expressed in this article, by the author or anyone mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading in cryptocurrencies carries the risk of financial loss.
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