MicroStrategy has continued expanding its bitcoin holdings, announcing the purchase of approximately 9,245 bitcoins for around $623 million in cash today.
According to the company's new press release, it acquired the bitcoin between March 11 and 18, using proceeds from its recent convertible senior notes offering and excess company cash. The average purchase price was approximately $67,382 per bitcoin.
This latest acquisition comes just after MicroStrategy raised $603.75 million through a private offering of 0.875% convertible senior notes due in 2031. The company upsized the planned offering from $500 million after seeing strong demand.
With the new 9,245 BTC purchase, MicroStrategy now holds an aggregate total of approximately 214,246 bitcoins acquired at an average price of $35,160 per bitcoin. The company has spent $7.53 billion to accumulate its Bitcoin treasury reserves.
Led by CEO Michael Saylor, MicroStrategy continues to aggressively execute its bitcoin strategy even amid Bitcoin market volatility.
The company aims to hold Bitcoin as its primary corporate treasury asset, taking on debt and issuing equity to raise funds for further accumulation. MicroStrategy now own more than 1% of Bitcoin total supply.
While sceptics argue that bitcoin-backed loans introduce balance sheet risk, Saylor remains staunchly confident in bitcoin's long-term trajectory. With its latest buy enabled by the upsized note offering, MicroStrategy is doubling down on its Bitcoin play.
via bitcoinmagazine.com
