MicroStrategy Increases Bitcoin Holdings with Convertible Notes Offering
MicroStrategy, a significant holder of Bitcoin, has recently concluded a convertible notes offering to boost its Bitcoin reserves.
Former CEO Michael Saylor announced the completion of the offering, which amounted to $603.75 million, including an option to purchase additional notes.
These notes were sold in a private offering to qualified institutional buyers in compliance with U.S. securities laws.
This offering comes shortly after MicroStrategy’s $800 million convertible note offering on March 8, where the proceeds were used to acquire 12,000 BTC.
Following the latest offering, MicroStrategy plans to utilize the net proceeds to purchase more Bitcoin.
Additionally, Saylor disclosed the acquisition of 9,245 BTC using the proceeds from convertible notes and excess cash, bringing MicroStrategy’s total Bitcoin holdings to 214,246 BTC.
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The firm’s entire Bitcoin stash was acquired at an average price of $35,160 per BTC.
The recent fundraiser marks MicroStrategy’s continued efforts to accumulate Bitcoin, with Saylor emphasizing his commitment to hodling the cryptocurrency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
