MicroStrategy acquires 7,420 BTC worth $458 million
- Michael Saylor announced MicroStrategy's additional acquisition of 7,420 Bitcoin worth $458.2 million.
- The company made the purchase after completing the sale of senior convertible notes worth $1 billion.
- MicroStrategy now owns 252,220 BTC which is 1.27% of the total supply.
MicroStrategy continued its Bitcoin buying spree on Friday after it announced the purchase of 7,420 BTC for $458.2 million. The company now holds 1.27% of the total Bitcoin circulation.
MicroStrategy purchases additional Bitcoin for $458 million
Business intelligence firm MicroStrategy acquired 7,420 BTC from its recent sale of senior convertible notes on Friday. CEO Michael Saylor announced the company purchased the tokens at a rate of $61,750 per Bitcoin. The total purchase stands at $458.2 million, boosting its Bitcoin holdings to 252,220 BTC.
According to Saylor, MicroStrategy purchased its total Bitcoin holdings at an average price of $39,266 per BTC, bringing its total cost — including fees and expenses — to around $9.9 billion.
The announcement comes after the firm completed a $1 billion upsized offering of senior convertible notes. On Tuesday, MicroStrategy announced the sale of private senior offerings worth $700 million. In the proposal, the company revealed intentions to use the proceeds from the sale to buy back debts and acquire additional Bitcoin.
Today's acquisition follows MicroStrategy's purchase of 25,720 BTC for $1.11 billion last week — its largest purchase since 2021.
MicroStrategy initiated its aggressive strategy for acquiring Bitcoin in August 2020, following a reorganization of its corporate treasury approach that positioned the leading cryptocurrency as a central asset in its portfolio.
The move was based on Saylor's belief that Bitcoin is “digital gold”, which underscores his widespread recognition in the crypto industry.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
