MicroStrategy acquires another 7,420 Bitcoins in new million-dollar purchase

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MicroStrategy acquires another 7,420 Bitcoins in new million-dollar purchase
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Business intelligence firm MicroStrategy has made a significant new Bitcoin purchase. The Michael Saylor-led company acquired an additional 7,420 BTC for around $458.2 million, at an average price of $61,750 per unit.

The transaction took place between September 13 and 19, as MicroStrategy detailed in a document submitted to the United States Securities and Exchange Commission (SEC) this Friday (20).

With this acquisition, MicroStrategy now holds a total of 252,220 Bitcoins, which are currently worth an estimated $15.8 billion. According to Michael Saylor, the company’s founder and CEO, MicroStrategy purchased its Bitcoin holdings at an average price of $39,266 per unit. The total investment is now worth approximately $9.9 billion, including fees and expenses.

MicroStrategy made the purchase shortly after the company completed a private offering of $1.01 billion of convertible notes due 2028 at a yield of 0.625%. The company had initially announced a $700 million raise, but increased the amount to more than $1 billion due to strong investor demand.

MicroStrategy continues to buy Bitcoin

MicroStrategy’s purpose with the proceeds is, in part, to fully redeem its $500 million senior notes due in 2028, which are due to be repaid on September 26. Additionally, the company plans to use the remaining balance to purchase more Bitcoin and for general corporate purposes.

Upon payment of these notes, the company will release the collateral, including approximately 69,080 BTC valued at $4.4 billion.

This new Bitcoin purchase comes shortly after another major acquisition by the company, which bought 18,300 BTC for $1.1 billion between August 6 and September 12 of this year.

Despite the moves, MicroStrategy shares did not register much variation in pre-market trading this Friday. There was a slight drop of 0.3% to US$ 144.26. However, the value of the share has increased by 3.5% in the last month and has accumulated a growth of 108.9% since the beginning of the year. Meanwhile, Bitcoin is trading at around US$ 63,417, a slight increase of 0.2% in the last 24 hours.

MicroStrategy acquires another 7,420 Bitcoins in new million-dollar purchase

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MicroStrategy acquires another 7,420 Bitcoins in new million-dollar purchase

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MicroStrategy acquires another 7,420 Bitcoins in new million-dollar purchase

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