MicroStrategy Acquires Additional Bitcoin

Business intelligence firm and corporate bitcoin holder MicroStrategy has acquired an additional 7,420 BTC for approximately $458.2 million at an average price of $61,750 per bitcoin between September 13 and September 19, according to an SEC filing.

Current Holdings

The company now holds 252,220 BTC, valued at roughly $15.8 billion. MicroStrategy’s total holdings were bought at an average price of $39,266 per bitcoin, amounting to around $9.9 billion in total costs, including fees and expenses, stated the company’s founder and executive chairman, Michael Saylor.

$1 Billion Upsized Offering

The announcement follows news that MicroStrategy has completed an upsized $1.01 billion private offering of convertible senior notes due 2028, with a 0.625% coupon and a 40% conversion premium. The proceeds will be used to fully redeem $500 million senior secured notes due 2028, expected to be completed on September 26, and any remaining funds will be for acquiring additional bitcoin and general corporate purposes. Upon redemption, collateral securing these notes, including approximately 69,080 BTC valued at $4.4 billion, will be released.

MicroStrategy’s latest bitcoin purchase follows the acquisition of 18,300 BTC for $1.1 billion between August 6 and September 12.

Market Performance

MicroStrategy’s share price remains flat in pre-market trading on Friday morning, down 0.3% at $144.26. The stock is up 3.5% over the past month and 108.9% year-to-date.

Bitcoin Price

Bitcoin is currently trading at $62,940, down 0.5% over the past 24 hours, according to The Block’s bitcoin price page.