MicroStrategy Buys Over 9K BTC for More than $600 Million

One of the largest public Bitcoin holders on the market – Michael Saylor’s company MicroStrategy – has just extended its BTC portfolio with over 9K in Bitcoins. The total value of the latest acquisition was around $623 million. The company used around $592.3 million from its recent convertible deft offering, while adding $30 million in cash to make the purchase.

With the latest batch of Bitcoins, MicroStrategy now owns over 1% of all Bitcoin in existence. The move was announced on X on March 18, when former CEO Michael Saylor announced that MicroStrategy has completed a pre-announced offering of 0.875% convertible senior notes that are due by 2031. They were sold in a private offering to qualified institutional buyers completely in line with US laws.

The Company Now Holds Over $13.5 Billion Worth of Bitcoin

With an updated total of 214,246 BTC, MicroStrategy has the largest stash of BTC on the public market. The software firm calls itself a ‘Bitcoin development company’, and has spent a total of $7.53 billion to buy the coins it holds. It has paid an average of $35,160 per coin according to the recent filing.

Earlier in March, the company announced its second fundraiser that targeted $600 million through a private convertible notes offering. Senior convertible notes are a debt security that can be converted into equity at a later date. MicroStrategy’s notes will expire on March 15, 2031. That’s only if they aren’t redeemed, repurchased, or converted in accordance with their terms.

The company’s former CEO, Michael Saylor, has become one of the most prominent figures that hold Bitcoin. He’s a strong Bitcoin proponent, and claims that neither he nor the company have plans to sell their stash of Bitcoins. “Bitcoin is the exit strategy”, he was quoted in the past, and so far, Saylor has stayed true on his promise.