MicroStrategy Raises $800M, More Bitcoin on the Horizon

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MicroStrategy Completes $800M Note Offering, More Bitcoin on the Horizon

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 20, 2024

Key Takeaways

MicroStrategy completed an $800 million convertible notes offering to increase its Bitcoin holdings;
The net proceeds from the notes, after expenses, totaled $786 million, which were used to buy 11,931 additional Bitcoins;
As of June 20, MicroStrategy holds 226,331 BTC.

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MicroStrategy Completes $800M Note Offering, More Bitcoin on the Horizon

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MicroStrategy, the largest corporate holder of Bitcoin (BTC), has successfully raised $800 million through convertible notes to further increase its BTC holdings.

The company announced on June 20 that it had completed its offering of 2.25% convertible senior notes due in 2032.

After deducting buyer discounts, commissions, and estimated offering expenses, the net proceeds of the note sale amounted to approximately $786 million.

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MicroStrategy plans to use these net proceeds primarily for purchasing additional Bitcoin and for other general corporate purposes.

In addition to this announcement, the company disclosed that it had additionally bought 11,931 Bitcoins for $786 million, funded by the proceeds of the note sale and surplus cash. This purchase was made at the price of around $65,883 per Bitcoin.

With the latest purchase, MicroStrategy's total Bitcoin holdings have now reached 226,331 BTC, accumulated for a total of roughly $8.33 billion at an average price of $36,798 per Bitcoin.

This purchase highlights MicroStrategy's commitment to its Bitcoin strategy, illustrating its confidence in the cryptocurrency's future and positioning the company as a prominent player in the crypto market.

In other news, MicroStrategy and its CEO, Michael Saylor, have recently settled a tax evasion lawsuit for $40 million.