MicroStrategy has successfully completed a substantial sale of convertible notes, injecting an additional $603.75 million into its cryptocurrency war chest. This latest financial maneuver follows closely on the heels of a prior $800 million offering, signaling a continued bullish stance on digital assets.
The enterprise analytics expert announced the acquisition of 9,245 BTC at an average price of $67,382 per coin, revealing an increase in its already significant Bitcoin portfolio. With a total of 214,246 BTC, MicroStrategy now holds approximately 1.02% of Bitcoin’s projected maximum supply, having paid an average of $35,160 per Bitcoin to date.
Convertible senior notes, due by March 2031, serve as the financial instrument for this operation. These notes, prioritized over common shares in the event of insolvency, offer investors an option to convert debt into equity, reflecting a strategic approach to fundraising.
Michael Saylor, the company’s former CEO, remains a staunch advocate for Bitcoin. His recent statements highlight a strategy that dismisses the notion of selling, focusing instead on accumulating the cryptocurrency. “I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor affirmed, indicating a long-term vision for Bitcoin’s role in MicroStrategy’s asset allocation.
