Guess what? MicroStrategy has just gone on another Bitcoin shopping spree, snapping up $460 million worth of BTC at a price of $61,750 per coin. Talk about going big or going home!
In a bold move, the company raised a whopping $1.01 billion through an upsized offering of convertible notes. These notes come with a tiny 0.625% coupon and a 40% conversion premium. While the official press release spilled the beans on how they plan to use the funds, CEO Michael Saylor couldn't wait to share the exciting news of their massive Bitcoin purchase.
MicroStrategy added 7,420 BTC to their stash for $458.2 million, snagging each Bitcoin at $61,750. They've been rocking a BTC yield of 5.1% quarter-to-date and 17.8% year-to-date. As of September 19, 2024, the company hodls a jaw-dropping 252,220 BTC, acquired for approximately $9.9 billion at an average price of $39,266 per Bitcoin.
Interestingly, this latest move was first hinted at on September 17th, when MicroStrategy aimed to raise $700 million. They ended up pulling in over a billion, hence the “upsized offering” part.
Currently, the value of MicroStrategy's Bitcoin holdings is around $15.8 billion, meaning they're sitting on paper profits of about $6 billion, or roughly 60%. Now that's what you call a profitable investment!
