Bitcoin (BTC) News: MicroStrategy Expands Its Bitcoin Portfolio with 7,420 Acquisitions
MicroStrategy's Recent Bitcoin Acquisition
In a significant move for the cryptocurrency market, MicroStrategy has announced its purchase of 7,420 Bitcoin (BTC) tokens for nearly $458.2 million on September 20. This acquisition was disclosed in a regulatory filing with the US Securities and Exchange Commission (SEC).
Funding Strategy Behind the Purchase
The business intelligence firm recently priced its $875 million offering of 0.625% Convertible Senior Notes, aimed at qualified institutional buyers. These notes can convert into cash or MicroStrategy stock (MSTR). On Thursday, the company finalized the sale, raising a total of $1.01 billion, which included $135 million from an additional purchase option. A portion of the proceeds from this transaction was allocated to the Bitcoin purchase made on September 20.
Average Purchase Price
The SEC filing indicates that the average price of the acquired Bitcoins was approximately $61,750 per token, accounting for fees and expenses. With this latest addition, MicroStrategy and its subsidiary's Bitcoin holdings now total around 259,640 Bitcoins.
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