MicroStrategy Buys Another Massive Batch of BTC, Worth Almost $800 Million

MicroStrategy, the NASDAQ-listed business intelligence software giant founded by Michael Saylor, has made another massive BTC purchase worth nearly $800 million.

This comes less than a week after the company said it will raise $500 million (later $700 million) to buy bitcoin.

CryptoPotato reported last week MicroStrategy’s plans to raise $500 million through the sale of convertible senior notes due 2032.

Just a few days later, the company raised its initial target by 40% to $700 million, indicating that it will use net proceeds to acquire additional bitcoin and “for general corporate purposes.”

Earlier today, the firm’s founder and former CEO – Michael Saylor – took it to X to announce the completion of the BTC purchase.

Aside from the $700 million it raised by going into debt, the company allocated excess cash to make the total acquisition of 11,931 BTC for $786 million. This means that the average price of buying was just shy of $66,000.

MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON

— Michael Saylor (@saylor) June 20, 2024

With this purchase, MicroStrategy’s total BTC stash has skyrocketed to 226,331, worth over $8.3 billion. This means that the firm stands with an unrealized profit of more than $6.6 billion.

MicroStrategy’s shares have been on a wild ride since the start of the year and it will be interesting to see how their prices will react to the latest bitcoin acquisition news.

The post MicroStrategy Buys Another Massive Batch of BTC, Worth Almost $800 Million appeared first on CryptoPotato.