cryptopotato.com
MicroStrategy, the NASDAQ-listed business intelligence software giant founded by Michael Saylor, has made another massive BTC purchase worth nearly $800 million.
This comes less than a week after the company said it will raise $500 million (later $700 million) to buy bitcoin.
CryptoPotato reported last week MicroStrategy’s plans to raise $500 million through the sale of convertible senior notes due 2032.
Just a few days later, the company raised its initial target by 40% to $700 million, indicating that it will use net proceeds to acquire additional bitcoin and “for general corporate purposes.”
Earlier today, the firm’s founder and former CEO – Michael Saylor – took it to X to announce the completion of the BTC purchase.
Aside from the $700 million it raised by going into debt, the company allocated excess cash to make the total acquisition of 11,931 BTC for $786 million. This means that the average price of buying was just shy of $66,000.
MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor⚡️ (@saylor) June 20, 2024
With this purchase, MicroStrategy’s total BTC stash has skyrocketed to 226,331, worth over $8.3 billion. This means that the firm stands with an unrealized profit of more than $6.6 billion.
MicroStrategy’s shares have been on a wild ride since the start of the year and it will be interesting to see how their prices will react to the latest bitcoin acquisition news.