MicroStrategy, a company well-known for its massive Bitcoin holdings, has completed a $800 million convertible note offering to further increase its BTC reserves.
The company announced the successful completion of the offering, which included an additional $100 million exercised by the initial purchasers. MicroStrategy used the net proceeds of approximately $786 million to acquire 11,931 Bitcoin at an average price of $65,883 per unit.
This latest purchase brings MicroStrategy’s total Bitcoin holdings to a staggering 226,331 BTC, acquired at an average price of $36,798 per BTC, for a total investment of roughly $8.33 billion.
MicroStrategy first entered the market in August 2020 with a $250 million purchase. Since then, the company has consistently added to its Bitcoin reserves, even designating it as the primary reserve currency in 2020.
MicroStrategy’s founder, Michael Saylor, has been a vocal proponent of Bitcoin throughout 2024, and the company has continued to raise funds through convertible note offerings to fuel its Bitcoin acquisitions. An earlier offering in March 2024 generated $604 million for the purchase of an additional 9,245 BTC.
