MicroStrategy Announces Massive Bitcoin Purchase for $460 Million

MicroStrategy has just announced the raising of $1.01 billion in a larger offering of convertible notes at a coupon of 0.625% and a 40% conversion premium.

The company detailed how it plans to use the funds in the same press release, but Michael Saylor has already jumped the gun and revealed a massive BTC purchase.

MicroStrategy has acquired 7,420 BTC for $458.2 million at $61,750 per bitcoin and achieved a BTC return of 5.1% QTD and 17.8% YTD. As of 9/19/2024, we have 252,220 BTC acquired for approx. $9.9 billion at $39,266 per bitcoin.

It’s worth noting that the move was first announced on September 17, when the company intended to raise $700 million. They raised over a billion, hence the “biggest deal” part.

The current value of MicroStrategy’s BTC holdings is around $15.8 billion. That means they are sitting on paper profits of about $6 billion or about 60%.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!