MicroStrategy continued to expand its bitcoin holdings, announcing the purchase of approximately 9,245 bitcoins for approximately $623 million in cash today.
According to the company's new press release, it acquired Bitcoin between March 11 and 18, using proceeds from its recent offerings of convertible securities and the company's excess cash. The average purchase price was around $67,382 per bitcoin.
This latest acquisition comes just after MicroStrategy raised $603.75 million through a private placement of 0.875% convertible senior notes due 2031. The company increased the planned offering from $500 million after seeing strong demand.
With the new purchase of 9,245 BTC, MicroStrategy now has a combined total of approximately 214,246 BTC acquired at an average price of $35,160 per BTC. The company spent $7.53 billion to accumulate Bitcoin treasury reserves.
MicroStrategy, led by CEO Michael Saylor, continues to aggressively execute its Bitcoin strategy even amid Bitcoin market volatility.
The company aims to hold Bitcoin as a core asset for the corporate treasury, incurring debt and issuing shares to raise funds for further accumulation. MicroStrategy now owns more than 1% of the total supply of Bitcoin.
While skeptics argue that bitcoin-backed loans pose balance sheet risks, Saylor remains deeply confident in bitcoin's long-term trajectory. With the recent purchase enabled by a large fiat offering, MicroStrategy is doubling down on its Bitcoin game.
