MicroStrategy Accumulates an Additional 11,931 Bitcoin; Scales Holdings To 226,331 BTC

MicroStrategy, a leading analytics and business intelligence company, has deepened its Bitcoin commitment.Under the leadership of staunch Bitcoin proponent Michael Saylor, MicroStrategy has added 11,931 BTC tokens to its portfolio.

The company now holds 226,331 BTC tokens as its primary reserve asset.

MicroStrategy Buys BTC with Proceed from Convertible Notes Sales

In a June 20 press release, MicroStrategy disclosed its latest Bitcoin purchase. The statement highlighted a recent Form 8-K filing to the US SEC, which disclosed its purchase of 11,931 BTC tokens worth about $786 million at an average price of $65,883 per token.

Also, MicroStrategy's founder, Michael Saylor, confirmed the firm's latest Bitcoin acquisition on X.According to Saylor, the company used proceeds from its recent sales of convertible notes and other cash for the purchase.

MicroStrategy finalized the private sales of its convertible notes on June 18, 2024. It offered a 2.25% coupon and a 35% conversion premium over the average price of the firm's A stock category.

Initially, the company planned to generate $700 million from the convertible notes. However, it recorded an increased market demand, pushing the offering to $800 million and creating the opportunity to purchase more notes.

As of April 2024, MicroStrategy held 214,400 BTC coins, but its recent acquisition has increased its BTC holdings to 226,331 BTC tokens. At the current market price of $64,117, the company's BTC holdings are now valued at approximately $14.51 billion.

Also, Saylor noted that MicroStrategy purchased its BTC tokens at an average price of $36,786 per coin. So, the total cost for the assets is approximately $8.33 billion.

MicroStrategy's History of Bitcoin Acquisition

MicroStrategy remains highly bullish on Bitcoin, aggressively accumulating more coins at the slightest market dip. It remains a pioneer among Bitcoin proponents, adopting BTC as a primary reserve asset.

Moreover, the consistent Bitcoin accumulation reflects the firm's reliability and trust in BTC as a store of wealth and a viable long-term investment option. MicroStrategy's founder and Chairman, Michael Saylor, is a prominent Bitcoin proponent who advocates BTC as a strong hedge against inflation.

According to a Bloomberg report, MicroStrategy started buying Bitcoin in 2020. Over the past few years, it has made a remarkable accumulation of the flagship crypto asset.

The firm purchased 12,000 BTC tokens worth about $821 million on March 11 and an additional $632 million worth of Bitcoin on March 19. Currently, MicroStrategy is the largest institutional holder of Bitcoin, holding more than 1% of the total BTC mined supply.

Interestingly, some companies have followed MicroStrategy's BTC accumulation pattern. Medical manufacturing firm Semler Scientific has acquired 828 BTC coins. Similarly, a Japanese company, Metaplanet, has accumulated up to 117.7 BTC coins.

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