MicroStrategy Acquires More Bitcoin, Now Holds Over 1% of Total Supply

March 19, 2024
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MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), has acquired an additional 9,245 bitcoins for approximately $623.0 million. 

The business intelligence company purchased 9,245 BTC using funds from a recent offering and additional cash. The notes used for this purchase had a total principal amount of $603.75 million, with $78.75 million exercised by initial purchasers within a 13-day timeframe.

The completion of this transaction on March 18 primarily involved private offerings to qualified institutional buyers under Rule 144A of the Securities Act of 1933, according to a new filing with the U.S. SEC today.

As of March 18, 2024, the company’s Bitcoin holdings have a total book cost of $7.53 billion, with an average purchase price of $35,160 per coin, according to MicroStrategy co-founder Michael Saylor.

MicroStrategy now owns 214,246 Bitcoins, bought for about $7.53 billion with an average cost of $35,160 per coin. This purchase also means they now hold more than 1% of the total supply of Bitcoin.

Notably, the aggressive Bitcoin buying spree comes after MicroStrategy secured $700 million specifically for Bitcoin acquisition and announced plans to raise an additional $500 million through debt financing. MicroStrategy shares dipped 13% Tuesday, mirroring a decline in Bitcoin’s price. 

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