MicroStrategy buys another massive batch of BTC, worth almost $800 million

MicroStrategy, the NASDAQ-listed business intelligence software giant founded by Michael Saylor, has made another massive BTC purchase worth nearly $800 million.

This comes less than a week after the company said it will raise $500 million (later $700 million) to buy bitcoins.

CryptoPotato reported last week on MicroStrategy’s plans to raise $500 million through the sale of convertible senior notes due 2032.

A few days later, the company raised its initial target by 40% to $700 million, saying it will use the net proceeds to acquire additional bitcoins and “for general corporate purposes.”

Today, the company’s founder and former CEO, Michael Saylor, took to X to announce the completion of the BTC purchase.

Aside from the $700 million it raised by taking on debt, the company used the excess cash to make a total acquisition of 11,931 BTC for $786 million. That means the average purchase price was just under $66,000.

MicroStrategy has acquired an additional 11,931 BTC for ~$786.0 million using proceeds from the convertible notes and excess cash for ~$65,883 per #bitcoin. From 20/06/24, $MSTR Holds 226,331 $BTC acquired for ~$8.33M at an average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON

— Michael Saylor⚡️ (@saylor) June 20, 2024

With this purchase, MicroStrategy’s total BTC hoard has soared to 226,331, worth over $8.3 billion. That means the company has an unrealized profit of over $6.6 billion.

MicroStrategy shares have been on a wild ride since the beginning of the year and it will be interesting to see how their prices react to the latest bitcoin acquisition news.

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).

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