Business intelligence firm MicroStrategy (MSTR) has purchased 7,420 Bitcoin (BTC) for approximately $458.2 million, bringing the company’s total holdings to 252,220 BTC, with an average purchase price of $39,266 per coin.
With the purchase, MicroStrategy has only emphasized its status as the largest corporate treasury reserve holder of Bitcoin, with its stash of BTC now valued at $15.9 billion as of this writing.
An SEC filing on Friday also revealed that MicroStrategy raised $1.01 billion through a convertible senior note offering, with the proceeds earmarked for further Bitcoin acquisitions.
While it is not confirmed whether this specific purchase was funded directly by the $1.01 billion note, MicroStrategy’s strategy has frequently involved using both debt and internal funds to accumulate Bitcoin. Michael Saylor's firm has steadily increased its holdings over the last four years, despite market volatility.
MicroStrategy Just Bought Another $1.1 Billion Worth of Bitcoin
MicroStrategy (NASDAQ: MSTR) purchased another 18,300 Bitcoin—worth just under $1.1 billion at the time of writing—between August 6 and September 12, the software firm’s founder and Chairman Michael Saylor announced Friday. The firm—which is famously bullish about Bitcoin and began accumulating the leading cryptocurrency in 2020—purchased the coins at an average price of approximately $60,408 per token, including fees and expenses, as per the SEC filing. That’s slightly higher than the current $...
Just last week, the firm disclosed a purchase of 18,300 Bitcoin—about $1.1 billion worth at the time. That was the firm's largest purchase since 2021. And then earlier this week, the firm said it planned to raise $700 million to both pay off earlier debts as well as purchase even more Bitcoin.
Saylor, the co-founder and former CEO of MicroStrategy, has been one of the most vocal proponents of Bitcoin as a corporate treasury asset.
He first made waves in 2020 when MicroStrategy became the first publicly traded company to convert a significant portion of its cash reserves into Bitcoin. Since then, Saylor has advocated for Bitcoin as a hedge against inflation and a more secure store of value compared to traditional assets like gold or cash.
Michael Saylor's MicroStrategy Plans to Raise $700M to Buy More Bitcoin
MicroStrategy, the largest corporate reserve holder of Bitcoin with over $14 billion worth, announced Monday that it plans to buy even more Bitcoin as part of a private offering of $700 million worth of convertible senior notes. The firm said that it will use proceeds from the sale to redeem $500 million in previous senior secured notes that are due in 2028, with an expected total cost of $523.8 million including interest. MicroStrategy then plans to use any remaining proceeds to purchase more B...
Saylor has emphasized his belief in Bitcoin’s long-term potential, even in the face of market fluctuations. He noted that Bitcoin’s decentralized nature makes it a superior asset in uncertain economic conditions. According to Saylor, Bitcoin is “the apex asset,” and its ability to store value will continue to increase as institutional interest grows.
The company's total purchases of Bitcoin now amount to nearly $9.9 billion. MicroStrategy’s stock is up about 1% on the day to a current price of about $146, pushing its year-to-date price jump to 113%.
Edited by Andrew Hayward
