MicroStrategy holds its ground, buying an additional 9,245 BTC following the completion of its second $603.75 million convertible bond offering..PNG)
Former MicroStrategy CEO Michael Saylor posted on X on March 18 to announce that MicroStrategy has completed its offering of 0.875% interest-rate convertible senior bonds maturing in 2031.
MicroStrategy Completes $603.75 Million Offering of Convertible Notes at 0.875% Coupon and 40% Conversion Premium $MSTR
— Michael Saylor⚡️ (@saylor) March 19, 2024
The bonds sold amounted to $603.75 million, including a total principal amount of $78.75 million issued under call options.
According to the announcement, these bonds were retailed to qualified institutions that comply with securities laws in the United States. The offering comes days after MicroStrategy completed an $800 million convertible bond offering on March 8, with the proceeds used to add 12,000 BTC to its Bitcoin reserves.
Just like the previous offering, MicroStrategy will use the proceeds from the sale of convertible bonds to purchase more Bitcoin, the announcement stated.
Minutes after announcing the new offering of $604 million, Saylor also announced the purchase of an additional 9,245 BTC using the proceeds of convertible bonds along with the remaining cash.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin.
— Michael Saylor⚡️ (@saylor) March 19, 2024
The former CEO noted that the average price of the purchase was around $67,382 per BTC, adding that MicroStrategy holds a total of 214,246 BTC, or 1.02 percent of Bitcoin's total maximum supply.
Currently, if you add up all purchases, MicroStrategy pays an average price of $35,160 per BTC.
VIC Crypto Synthesis***