Microstrategy Expands Bitcoin Holdings: Acquires 9,245 BTC After Successful Convertible Note Sale

On Tuesday, the business intelligence firm Microstrategy announced it completed a $603.75 million offering of convertible senior notes due 2031. After the announcement, Microstrategy’s founder Michael Saylor announced the company acquired 9,245 bitcoin for $623 million using the proceeds and excess cash.

Microstrategy Now Holds 214,246 Bitcoin

After Microstrategy announced its convertible note sale, the company completed the offering and used the funds to purchase more bitcoin ($BTC). “The aggregate principal amount of the notes sold in the offering was $603.75 million, which includes $78.75 million aggregate principal amount of notes issued pursuant to an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued,” the firm disclosed on Tuesday.

Then immediately after the convertible note announcement, the firm’s founder, Michael Saylor announced that his firm acquired more bitcoin. “Microstrategy has acquired an additional 9,245 $BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per bitcoin,” Saylor explained on the social media platform X. As of 3/18/24, [Microstrategy] hodls 214,246 [bitcoin] acquired for ~$7.53B at average price of $35,160 per bitcoin.”

Microstrategy has been purchasing bitcoin for its balance sheet since 2020 and it is the largest public company in terms of $BTC reserves held. Blackrock’s spot bitcoin exchange-traded fund (ETF), IBIT, recently surpassed Microstrategy’s holdings as the ETF now holds 237,339.13 $BTC at the time of writing.

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