Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
MicroStrategy adds 11,931 BTC to its holdings following $800M note deal

MicroStrategy adds 11,931 BTC to its holdings following $800M note deal

Cryptobriefing2024/06/24 16:46
By:by Vivian Nguyen

MicroStrategy has expanded its Bitcoin holdings after purchasing an additional 11,931 Bitcoin (BTC) for around $786 million, according to the company’s announcement today. The latest acquisition follows the completion of its $800 million convertible note offering on Tuesday.

Last week, MicroStrategy announced its plans to offer $500 million in convertible notes to fund its Bitcoin acquisition strategy. The company then raised the deal to $700 million.

MicroStrategy, led by Michael Saylor, has been consistently using debt offerings to finance its Bitcoin investment strategy. The latest sale is the third consecutive purchase the company has made using debt offerings to invest in BTC this year.

Maturing in 2032, these senior convertible notes offer a 2.25% interest rate conversion option. Buyers were also granted an option to purchase an additional $25 million, bringing the total to $100 million, up from the $75 million announced earlier.

MicroStrategy’s Bitcoin holdings are worth almost $14.8 billion at the time of writing, with over $6 billion in unrealized profit.

Saylor said in an interview with Bloomberg in February that MicroStrategy has no plans to sell Bitcoin, believing it to be technically superior to gold, the SP 500, or real estate.

The latest purchase comes amid major volatility across the crypto market. Bitcoin has tumbled over the past few days, hitting as low as $64,500, according to data from CoinGecko. At the time of writing, BTC is trading at nearly $66,000, up 1.5% in the past 24 hours.

This is a developing story: We’ll give updates on the situation as we learn more.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!