MicroStrategy Adds $786 Million in Bitcoin

MicroStrategy has purchased an additional $786 million worth of Bitcoin from proceeds raised in a recent convertible bond offering. The publicly traded company now holds a total of 226,331 BTC.

MicroStrategy adds $786 million in Bitcoin

On the evening of June 20, 2024 (Vietnam time), MicroStrategy announced the acquisition of 11,931 BTC valued at $786 million. This comes from funds raised after the company launched an $800 million convertible bond offering.

Earlier on June 13, MicroStrategy initially announced a plan to raise $500 million through convertible bonds, which was later revised to $700 million, and finally settled at $800 million.

With this latest purchase, the publicly traded company now holds 226,331 BTC at an average purchase price of $36,798 per BTC. This represents nearly an 80% gain on their investment portfolio.

History of MicroStrategy's Bitcoin purchases. Source: Saylor Tracker

MicroStrategy made its serious foray into the Bitcoin market in August 2020 with an initial investment of $250 million. Since then, despite enduring continuous losses, they have consistently added more Bitcoin to their treasury reserves, culminating in today's substantial holdings.

Following in MicroStrategy's footsteps, many large companies and organizations around the world are beginning to view Bitcoin as an effective investment tool. Recent examples include Metaplanet, a company specializing in hotel development and operations, and Semler Scientific, a manufacturer of medical devices.

Currently, the price of BTC is hovering around $66,000, showing minimal volatility compared to the previous day.