MicroStrategy Acquires 12,000 More Bitcoin for $822 Million

In a bold and strategic move, MicroStrategy, the enterprise software firm led by staunch Bitcoin advocate Michael Saylor, has recently acquired an additional 12,000 BTC. The purchase was primarily funded by the $782 million raised from a recent convertible debt offering.

This acquisition brings MicroStrategy’s total Bitcoin holdings to a staggering 205,000 BTC, currently valued at approximately $14.7 billion.

12,000 BTC: The latest batch of Bitcoin purchased by MicroStrategy.
$68,477 per coin: The average price at which MicroStrategy acquired this new Bitcoin stash.
$821.7 million: The total cost of the acquisition, utilizing proceeds from the debt raise and excess cash.

Michael Saylor, the executive chairman of MicroStrategy, has been a vocal proponent of Bitcoin as a store of value and a hedge against inflation. His unwavering belief in the cryptocurrency has led MicroStrategy to accumulate a substantial Bitcoin treasury. This recent acquisition further solidifies the company’s position in the crypto market.

MicroStrategy’s funding for this Bitcoin purchase came from the sale of convertible senior notes. Initially targeting $600 million, the company later increased the target to $700 million. These notes carry an interest rate of 0.625% per annum and provided the necessary capital for MicroStrategy’s strategic move.

MicroStrategy has acquired an additional 12,000 BTC for ~$821.7M using proceeds from convertible notes & excess cash for ~$68,477 per #bitcoin. As of 3/10/24, $MSTR hodls 205,000 $BTC acquired for ~$6.91B at average price of $33,706 per bitcoin. https://t.co/YayyKtpz8d

— Michael Saylor⚡️ (@saylor) March 11, 2024

As Bitcoin continues its meteoric rise, reaching a new all-time high above $72,000, MicroStrategy’s decision to acquire more BTC appears prescient. The company’s stock price also responded positively, surging nearly 10% in pre-market trading to $1,560.

In a recent statement, Michael Saylor emphasized that MicroStrategy is not interested in selling its Bitcoin holdings. For him, Bitcoin is not just an investment; it’s the ultimate exit strategy. As global economic uncertainties persist, MicroStrategy’s bet on Bitcoin seems to be paying off handsomely.

MicroStrategy’s latest Bitcoin acquisition reinforces the company’s commitment to the digital asset. With a growing Bitcoin treasury, MicroStrategy stands as a significant player in the crypto landscape. As the world watches Bitcoin’s ascent, Michael Saylor’s conviction remains unshaken: Bitcoin is the future.

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