MicroStrategy Buys 12,000 Bitcoin For $821 Million As BTC Hits $72,000
Business intelligence firm MicroStrategy has capitalized on its latest convertible debt offering to accumulate roughly 12,000 additional Bitcoin worth over $821 million.
The purchase expands the company’s existing BTC portfolio to approximately 205,000 BTC bought for $6.91 billion.
Key details:
- Funded the Bitcoin shopping spree with $781 million raised through a debt offering closed on March 8.
- Spent $68,477 on average per Bitcoin, marking one of its higher premium buys historically.
- Comes as Bitcoin itself hits new all-time price highs above $72,000.
Read more: Coinbase Report Urges Caution On Emerging Crypto AI Sector
MicroStrategy announced the purchases occurring between February 26th and March 10th in an SEC filing Monday. The company just closed a $800 million convertible senior note offering on March 8th. This included the exercise of full allotments, pouring $782 million into its corporate coffers.
MicroStrategy holds 205,000 Bitcoin
Of those funds, MicroStrategy allocated $781.1 million towards expanding its existing Bitcoin holdings. This came as the price of Bitcoin continued to surge to breach $72,000 for the first time in the last 24 hours.
- Acquired 12,000 BTC at an estimated average cost of $68,477 per coin.
- Total investment now totals 205K bitcoins bought for $6.91 billion in aggregate.
Read more: U.S. Still Seeks Do Kwon Extradition Despite Montenegro Court Ruling
The fresh capital raise and subsequent Bitcoin accumulation represent MicroStrategy’s latest corporate bet on BTC under the leadership of founder and former CEO Michael Saylor.
With no plans to slow down their acquisition strategy, per comments on Monday’s earnings call, the firm seems intent on stockpiling Bitcoin despite its volatile price.
