MicroStrategy Acquires Additional 12,000 BTC

MicroStrategy has made an additional purchase of 12,000 BTC, as announced by its founder, Michael Saylor.

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

According to a report filed with the U.S. Securities and Exchange Commission, the firm acquired the coins between February 26 and March 10 for approximately $821.7 million at an average price of $68,477. The purchase was financed through the issuance of convertible bonds maturing in 2030.

Saylor stated that MicroStrategy holds 205,000 BTC valued at approximately $6.91 billion, with an average price of $33,706.

At the time of writing, the leading cryptocurrency is trading near $71,600, having briefly surpassed $72,000 on March 11. The asset has appreciated by 2.6% over the past 24 hours, according to CoinGecko.

In February 2024, the company reported the purchase of 850 BTC for $37.2 million, and later in the month, an additional 3,000 BTC. At that time, MicroStrategy’s unrealized profit on 193,000 BTC reached $5.3 billion.

Previously, Saylor stated that the firm does not intend to sell its holdings of the leading cryptocurrency in the near or long term.

In early March, MicroStrategy announced raising $600 million through the issuance of convertible bonds for qualified investors. The company stated that the funds would be used for “purchasing additional bitcoins and general corporate purposes.”

Saylor has described a “gold rush” for the leading cryptocurrency, expected to last until November 2034.