Microstrategy bought another 11,931 bitcoins for $786 million

Today, American software and business intelligence firm MicroStrategy recently announced that it has bought Bitcoin (BTC) high.

Between April 27 and June 19, 2024, the company bought 11,931 BTC for $65,883 in Bitcoin, for a total of $786 million. This move demonstrates MicroStrategy's continued commitment to Bitcoin.

MicroStrategy's Aggressive Bitcoin Strategy: Recent Purchases and Future Plans

In a recent 8-K Securities and Exchange Commission (SEC) filing, MicroStrategy disclosed that it used privately held convertible senior notes and excess cash to fund this acquisition. The company completed its private offering on June 18, 2024.

Read more: Who will have the most Bitcoins in 2024?

In addition, the filing stated that MicroStrategy received $800 million from the offering, which reflected a 2.25% coupon and a 35% conversion premium per share of Class A common stock. This amount includes the initial purchasers' option to purchase an additional $100 million of notes.

Michael Saylor, founder and chairman of MicroStrategy, shared his thoughts on this acquisition.

“Since June 20, 2024, MicroStrategy has purchased 226,331 BTC for ~$8.33 billion at an average of $36,798 per Bitcoin,” he said.

Read more: 11 Top Public Companies Investing in Cryptocurrency

BeInCrypto reported last week that MicroStrategy announced a strategic initiative to increase its Bitcoin holdings, announcing an offering of $500 million in convertible senior notes due 2032. Notably, the latest acquisition makes MicroStrategy the largest public company with Bitcoin holdings. It currently accounts for about 1% of the total Bitcoin supply.