MicroStrategy Acquired an Additional 9,245 Bitcoins After Completing an Oversubscribed Convertible Senior Notes Offering

MicroStrategy Inc. (NASDAQ: MSTR) has highlighted that it successfully raised $603.75 million from the previously announced offering of convertible senior notes due 2031. As expected, MicroStrategy immediately converted the raised funds to Bitcoins to cement its long-term investment strategy. According to a different announcement, MicroStrategy acquired 9,245 Bitcoins for about $623 million.

As a result, MicroStrategy now holds 214,246 Bitcoins worth more than $13.5 billion based on the current BTC price of about $63,000.

To put the figure into perspective, BlackRock currently holds about 237,339 Bitcoins with a market value of about $15.94 billion through its iShares Bitcoin Trust (IBIT).

Based on the market demand, MicroStrategy previously anticipated to raise between $515 million and $592.3 million. However, MicroStrategy raised about $603.75, after the additional $78.75 million convertible senior notes.

According to executive chairman Michael Saylor, MicroStrategy topped the funds raised with its excess cash to acquire Bitcoins at an average price of $67,382 per coin.

Bitcoin Price Continues to Bleed

Bitcoin price has experienced heightened volatility in the recent past leading to more than $664 million liquidated from the crypto leverage market in the last 24 hours. Bitcoin price has dropped more than 7 percent in the past 24 hours to trade around $63,500 on Tuesday during the early New York session.

After dropping below the crucial support level around $69,000 earlier this week, more cryptocurrency traders have turned bearish for the short term despite the increased calls to buy the dip. Furthermore, cryptocurrency traders have been taking a shield from the increased volatility through the stablecoins market amid the high-impact news expected from the United States on Wednesday regarding the interest rates.