Bitcoin’s price might be down in the past few days but some investors remain unfazed by the decline. In fact, MicroStrategy used the opportunity to scoop additional 9,245 BTC for approximately $623 million.
The purchase was announced by Michael Saylor – Executive Chairman of the business intelligence company. He clarified that the transaction was facilitated via proceeds from convertible notes and excess cash.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor
(@saylor) March 19, 2024
MicroStrategy recently completed convertible note sales worth over $1 billion, with proceeds directed at buying more of the primary cryptocurrency.
Earlier this month, the firm used the initiative to purchase 12,000 BTC for a whopping $800 million. The company’s entire stash of 214,246 BTC equals more than $13.5 billion (calculated at current rates).
It was acquired for approximately $7.5 billion at an average price of $35,160 per Bitcoin, meaning MicroStrategy is currently sitting on a $6 billion profit (at least on paper).
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