MicroStrategy Acquires 11,931 BTC for $786 Million

bitcoin btc in shopping cart

The famous bitcoin-loving company has continued to acquire more BTC amidst unstable market conditions.

MicroStrategy has maintained its position as the most significant corporate bitcoin holder. Despite uncertainty among other bitcoin and crypto investors, the company has remained optimistic about the crypto market. As announced today, it has spent $786 million buying 11,931 bitcoins.

MicroStrategy Adds 11,931 to its Bitcoin Holdings

MicroStrategy’s executive chairman, Michael Saylor, announced on his X (formerly Twitter) account that the company has bought 11,931 BTC for $786 million at approximately $65,883 per coin.

Before the purchase, Saylor revealed that the company would sell $500 million worth of convertible notes to raise more funds for bitcoin acquisition. After a few days, the company revealed a raise to $700 million. Consequently, through a press release earlier today, MicroStrategy announced the completion of $800 million worth of convertible notes due 2032. 

However, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy, the notes were worth approximately $786 million, the exact price the company spent for acquiring bitcoins. 

The notes bear an interest of 2.25% each year. According to the agreement, interest is payable upfront on June 15 or December 15 of every year until 2032 if not repurchased. On the other hand, starting June 20, 2029, MicroStrategy can buy back the notes at a redemption price directly proportional to the principal amount of the notes. 

MicroStrategy Holds Almost 1.1% of Total Bitcoin Supply.

Following today’s purchase, Saylor’s company holds 226,331 bitcoins acquired at an average price of $36.798 per BTC. MicroStrategy’s bitcoin, purchased with approximately $8.33 billion, has gained over 80% and is currently worth $15 billion. 

MicroStrategy now possesses over 1.07% of the total bitcoin supply of 21 million BTCs and 1.14% of the circulating bitcoin supply of 19.7 million.

MicroStrategy started buying bitcoin in 2020 and has adopted the cryptocurrency as its primary reserve asset. Notwithstanding volatility in the crypto market, Saylor remains bullish about bitcoin and is helping the company acquire more. Following MicroStrategy’s footsteps, other companies like Semler Scientific have adopted bitcoin as a store of value. 

Bitcoin has not been on the green side for a few weeks now, as many factors, such as miner capitulation, U.S. interest rate data, and massive discharge by whales, affect its price. At press time, the cryptocurrency has struggled to stand above the $64k mark, trading at $64,800 per BTC.