Thursday, June 20, 2024 2:11:35 PM
MicroStrategy buys additional 11,931 bitcoin for $786 million
by James Hunt
COMPANIES
• June 20, 2024, 9:32AM EDT
Published 1 minute earlier on
UPDATED: June 20, 2024, 12:18PM EDT
Share
The Block Michael Saylor
Quick Take
MicroStrategy has purchased another 11,931 BTC for approximately $786 million at an average price of $65,883 per bitcoin.
The latest acquisition follows the completion of an $800 million convertible note offering and takes MicroStrategy’s total holdings to 226,331 BTC.
Business intelligence firm and corporate bitcoin holder MicroStrategy acquired an additional 11,931
BTC -0.061%
for approximately $786 million at an average price of $65,883 per bitcoin between April 27 and June 19, according to a filing on Thursday.
The company now holds 226,331 BTC, worth roughly $14.9 billion. MicroStrategy’s total holdings were bought at an average price of $36,798 per bitcoin, a cost of around $8.33 billion, inclusive of fees and expenses, according to the company's founder and executive chairman Michael Saylor.
MicroStrategy’s latest bitcoin purchase follows its acquisition of 9,245 BTC for $623 million in March, followed by two smaller purchases, which took the firm’s holdings over 1% of the total 21 million bitcoin supply for the first time.
MicroStrategy’s share price was up 2.4% in pre-market trading Thursday morning at $1,505, according to TradingView. The stock is down 2% over the past month but has gained 112% year-to-date.
As of Tuesday's close, its market capitalization was $26.06 billion, and its enterprise value was $29.6 billion, according to data from Yahoo Finance.
Bitcoin is currently trading for $66,009, according to The Block's bitcoin price page, up 1.4% over the past 24 hours.
MicroStrategy completes $800 million convertible note offering
The latest acquisition follows the firm’s completion of a private offering of convertible senior notes, which included a 2.25% coupon and an approximately 35% conversion premium over the U.S. composite volume weighted average price of MicroStrategy’s class A common stock, according to the filing.
MicroStrategy originally proposed a $500 million offering on June 13, which was later upsized to $800 million amid a positive reception in the marketplace, the firm said. Net proceeds from the offering totaled approximately $786 million, used to fund the bitcoin acquisitions alongside excess cash.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
TOKENS MENTIONED IN THIS ARTICLE
BTC
-0.061%
Recent BTCUSD News
- ‘This Is How Bottoms Are Formed’ – Analyst Predicts Bitcoin Comeback, Says New BTC All-Time High Around the Corner • The Daily Hodl • 09/15/2024 07:04:42 AM
- Analyst Predicts AVAX Breakout: Is $30 The Next Target? • NEWSBTC • 09/15/2024 05:00:57 AM
- Norway town campaigns to close Bitcoin mine, electricity costs jump 20% • Cointelegraph • 09/15/2024 02:56:47 AM
- 3-Year Cup-And-Handle Pattern Promises To Send Bitcoin Above $100,000 • NEWSBTC • 09/15/2024 02:30:36 AM
- Bitcoin ETFs may face hacker threats, Ellison seeks no prison time, and more: Hodler’s Digest, Sept. 8 – 14 • Cointelegraph • 09/14/2024 11:13:46 PM
- Analysts Kick Against Cardano Recovery, Says ADA Price Is Destined For 33% Crash • NEWSBTC • 09/14/2024 11:00:58 PM
- Bitcoin Whales Scoop Up Over $7 Billion In BTC In Under A Month • ZyCrypto • 09/14/2024 09:57:21 PM
- Chinese gov't mulls anti-money laundering law to 'monitor' new fintech • Cointelegraph • 09/14/2024 09:45:18 PM
- 112,000 ETH Moved To Crypto Exchanges In The Past Day — Impact On Ethereum Price? • NEWSBTC • 09/14/2024 07:00:11 PM
- Analyst Predicts The Prices Of Shiba Inu, Ripple’s XRP If Bitcoin Hits $150,000 — And It’s Astonishing • ZyCrypto • 09/14/2024 06:36:49 PM
- Bitfarms accelerates 2.2 EH/s hosting agreement with Stronghold • Cointelegraph • 09/14/2024 06:31:20 PM
- JPMorgan Chase ‘Knowingly Assisted’ $119,000,000 Ponzi Scheme, New Lawsuit Alleges • The Daily Hodl • 09/14/2024 04:48:06 PM
- Bitcoin Could Skyrocket by Up to 890% This Cycle, Says Analyst Michaël van de Poppe – Here Are His Targets • The Daily Hodl • 09/14/2024 03:55:26 PM
- SEC crypto ‘overreach’ cost small investors $15B: John Deaton • Cointelegraph • 09/14/2024 01:54:27 PM
- Shiba Inu Seen Exploding 1,000%-7,300%: Bold Predictions Signal Massive Growth • NEWSBTC • 09/14/2024 01:00:59 PM
- Meta to resume AI training in UK after regulatory pause • Cointelegraph • 09/14/2024 12:32:35 PM
- Crypto millionaire loses $43 million in Ether-Bitcoin trading bet • Cointelegraph • 09/14/2024 12:27:49 PM
- Analyst Says Altcoin That’s Exploded Over 6,400% in One Year ‘Still Looks Strong,’ Updates Outlook on Dogecoin • The Daily Hodl • 09/14/2024 11:45:29 AM
- Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment • NEWSBTC • 09/14/2024 11:00:09 AM
- USDC issuer Circle announces HQ move to New York ahead of IPO • Cointelegraph • 09/14/2024 09:48:26 AM
- Crypto Trader Issues Bitcoin Alert, Says BTC Could Crash by up to 47% From Current Level – Here’s Why • The Daily Hodl • 09/14/2024 09:15:26 AM
- Hong Kong should try to speed up crypto regulation: First Digital CEO • Cointelegraph • 09/14/2024 09:03:53 AM
- ‘We’re Going To Have a Strong October’: Analyst Says Bitcoin Primed To Rally Next Month – Here Are His Targets • The Daily Hodl • 09/14/2024 07:04:29 AM
- Bitcoin Price Recovery Hinges On This Key Market Indicator, Reveals Analyst • NEWSBTC • 09/14/2024 07:00:12 AM
- US Bitcoin ETFs see largest single-day inflow since late July, Bitcoin climbs past $60,000 • Crypto Briefing • 09/14/2024 06:16:37 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM
Element79 Gold Corp Announces 2024 Clover Work Plans & Nevada Portfolio Updates • ELMGF • Sep 10, 2024 11:00 AM
Nightfood Holdings Inc. Completes Major Step on Uplist Journey by Closing Strategic All-Stock Acquisition of CarryoutSupplies.com • NGTF • Sep 10, 2024 8:15 AM
Element79 Gold Corp. Announces Sale of 100% Interest in Elder Creek, North Mill Creek, and Elephant Projects to 1472886 B.C. Ltd. • ELEM • Sep 9, 2024 9:34 AM