MicroStrategy Announces Massive Bitcoin Purchase for $460 Million

MicroStrategy has just announced the raising of $1.01 billion in a larger offering of convertible notes at a coupon of 0.625% and a 40% conversion premium.

The company detailed how it plans to use the funds in the same press release, but Michael Saylor has already jumped the gun and revealed a massive BTC purchase.

MicroStrategy has acquired 7,420 BTC for $458.2 million at $61,750 per bitcoin and achieved a BTC return of 5.1% QTD and 17.8% YTD. As of 9/19/2024, we have 252,220 BTC acquired for approx. $9.9 billion at $39,266 per bitcoin.

It’s worth noting that the move was first announced on September 17, when the company intended to raise $700 million. They raised over a billion, hence the “biggest deal” part.

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