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Michael Saylor's MicroStrategy Acquired Another 9,245 BTC for $623M
The company now holds approximately 214,246 bitcoins, which is more than 1% of all the 21 million of the tokens that will ever exist
Updated Jun 17, 2024, 3:21 p.m. Published Mar 19, 2024, 12:49 p.m.
- MicroStrategy used $592.3 million from its most recent convertible deft offering and $30.7 million in excess cash to make the purchase.
- The company now owns more than 1% of all the bitcoin that will ever exist.
- MSTR shares are down over 10% in pre-market activity following bitcoin's slump to $63,000.
MicroStrategy (MSTR), software firm and "bitcoin development company", has purchased another 9,245 bitcoins for $623 million or about $67,400 per coin, according to a filing on Tuesday.
Led by Executive Chairman Michael Saylor, the company acquired its latest BTC trove using $592.3 million raised from its most recent convertible debt offering plus $30.7 million of excess cash.
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MicroStrategy now holds approximately 214,246 BTC (worth $13.5 billion at current prices), which is more than 1% of all the 21 million bitcoin that will ever exist. It has paid approximately $7.53 billion for its BTC stash, an average of $35,160 per coin, according to the filing.
Alongside bitcoin's slump to the $63,000 level on Tuesday, MSTR shares are currently down over 10% at $1,344 in pre-market trading and off about 25% from a record high touched Friday.
Read More: Bitcoin’s Slump Sees Crypto Bulls Staring at $440M in Liquidations
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