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MicroStrategy Acquires 12,000 More BTC With Convertible Senior Notes Proceeds
The software firm, founded by staunch bitcoin advocate Michael Saylor, now holds 205,000 BTC worth around $14.7 billion
Updated Mar 11, 2024, 12:47 p.m. Published Mar 11, 2024, 12:29 p.m.
MicroStrategy (MSTR) has purchased 12,000 more bitcoin , mostly funded by the $782 million raised from its recent convertible deft offering.
The software firm, founded by staunch bitcoin advocate Michael Saylor, now holds 205,000 BTC worth around $14.7 billion. MicroStrategy acquired its latest batch of BTC for ~$68,477 per coin, Saylor said in a post on X on Monday. In total, the company acquired the bitcoin for $821.7 million, using the proceeds from the debt raise and excess cash.
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MicroStrategy last week announced that it was looking to raise $600 million for the purchase of more bitcoin through the sale of convertible senior notes at an interest rate of 0.625% per annum. The company subsequently increased the target to $700 million.
Shares of MicroStrategy were up nearly 10% at $1,560 in pre-market trading in the wake of BTC attaining a new all-time high above $72,000 during the European morning on Monday.
Read More: Michael Saylor Not Interested in Selling: ‘Bitcoin Is the Exit Strategy'
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