U.S.-based business intelligence company MicroStrategy has gone bBtcoin shopping once again.Following a just-concluded convertible notes offering on September 19, the company raised $ 1.01 billion and has spent $458.2 million to acquire an additional 7,420 BTC.
The latest purchase comes a week after the firm acquired 18,300 BTC for $1.11 billion.
MicroStrategy Secures $1.01B, Buys More BTC
As announced in an official press release on Friday, MicroStrategy has sold convertible notes worth $1.01 billion to qualified institutional investors to support its Bitcoin purchase spree.
Initially, MicroStrategy planned to raise only $700 million but later announced a $175 million increase, taking the total to $875 million.
Completing the note sale, MicroStrategy’s co-founder and chairman Michael Saylor announced on Friday that the company had purchased an additional 7,420 bitcoins at approximately $61,750 per BTC. Following the purchase, the company has achieved a bitcoin yield of 5.1% on-the-day (OTD) and 17.8% year-to-date (YTD).
According to the U.S. Securities and Exchange Commission (SEC), MicroStrategy spread its last bitcoin purchase between September 13 and September 19, acquiring the cryptocurrency under different market conditions as the market has made drastic moves within the purchase period.
With the latest purchase, MicroStrategy controls over 1.2% of the total fixed Bitcoin supply. The firm holds about 252,220 BTC acquired for approximately $9.90 billion, at an average price of $39,226 per bitcoin, including fees and expenses.
With bitcoin price sitting at $63,400 according to live price data from CryptocurrenciesToWatch, MicroStrategy’s bitcoin holdings are valued at approximately $16 billion. The firm has gained over $6 billion from its Bitcoin accumulation.
Leading Institutional Bitcoin Investment
Maintaining its position as the largest institutional Bitcoin holder, MicroStrategy has set the pace for other publicly traded firms to adopt Bitcoin as a reserve asset, including the Japanese company Metaplanet, Bitcoin Miners, Marathon, and Cathedra.
Moreover, Saylor has revealed that the company will not be pausing its Bitcoin acquisition spree anytime soon. He sees it as the best investment asset for his company, so MicroStrategy has made plans to acquire more bitcoins each quarter of the year.
