As the Bitcoin (BTC) price continues to rise to new all-time highs, MicroStrategy continues to buy fresh supplies with each new rise. According to the recent SEC filing, the company purchased an additional 12,000 Bitcoins in the past two weeks.

MicroStrategy Chairman Michael Saylor announced today that the company has acquired an additional 12,000 bitcoins, valued at approximately $821.7 million. The purchase was made with proceeds from convertible bonds and excess cash, with each bitcoin purchased at an average price of approximately $68,477.

As of March 10, 2024, MicroStrategy now holds a total of 205,000 bitcoins, acquired for approximately $6.91 billion. The average price per bitcoin in MicroStrategy’s portfolio is $33,706. Saylor reported the following on X:

“MicroStrategy acquired an additional 12,000 BTC for ~$821.7M with proceeds from convertible notes and excess cash at ~$68,477 per #bitcoin. As of 10/3/24, $MSTR holds 205,000 $BTC, acquired for ~$6.91B at an average price of $33,706 per bitcoin.”

The recent purchase follows the purchase of 3,000 Bitcoin worth $155 million according to the filing on February 26. Since then, the company has been working to raise another $600 million through the sale of its convertible notes.

The notes are characterized as unsecured, senior obligations of the company and follow a semi-annual interest payment schedule beginning on September 15, 2024. The maturity date is scheduled for March 15, 2030, although conditions exist for earlier repurchase, redemption or conversion. Interestingly, just days ago the company increased the size of its bond sale to more than $700 million.

As soon as the news broke, the MicroStrategy (NASDAQ: MSTR) stock price rose another 10% in pre-market hours on Monday, March 11. This shows that the MSTR share price stands at a mind-boggling $1,562, with the market cap rising to $24.19 billion.

MSTR shares are already up a massive 108% since the start of this year in 2024. As a result, the company has surpassed Bitcoin, whose gains are at 61% this year. On the annual chart, the MSTR stock price is up an astonishing 538%, while the Bitcoin price is up 250%.

MicroStrategy Chairman Michael Saylor recently praised the success of the new Bitcoin ETFs. According to a recent report, MicroStrategy is already sitting on nearly $3.5 billion in profits from its massive Bitcoin holdings.


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