coinspress.com
19 March 2024 17:00, UTC
MicroStrategy, a significant holder of Bitcoin, has recently concluded a convertible notes offering to boost its Bitcoin reserves.
Former CEO Michael Saylor announced the completion of the offering, which amounted to $603.75 million, including an option to purchase additional notes.
These notes were sold in a private offering to qualified institutional buyers in compliance with U.S. securities laws.
Point your phone camera to install
4.8 based on 40K reviews in the App Store and Google Play
This offering comes shortly after MicroStrategy’s $800 million convertible note offering on March 8, where the proceeds were used to acquire 12,000 $BTC.
Following the latest offering, MicroStrategy plans to utilize the net proceeds to purchase more Bitcoin.
Additionally, Saylor disclosed the acquisition of 9,245 $BTC using the proceeds from convertible notes and excess cash, bringing MicroStrategy’s total Bitcoin holdings to 214,246 $BTC.
READ MORE: Trader Turns $72,000 into $30 Million in Memecoin Craze
The firm’s entire Bitcoin stash was acquired at an average price of $35,160 per $BTC.
The recent fundraiser marks MicroStrategy’s continued efforts to accumulate Bitcoin, with Saylor emphasizing his commitment to hodling the cryptocurrency.
