The business intelligence company MicroStrategy on Friday said it has acquired 18,300 BTC worth $1.11 billion, according to a filing with the US SEC. The company’s net BTC holding has increased to 244,800 BTC worth $9.45 billion, revealed Michael Saylor, executive chairman of the firm. This is one of the largest Bitcoin purchases by the firm.
MicroStrategy recently announced BTC buy of 11,931 from a $800 million private offering of convertible senior notes. The company said it intended to use the proceeds primarily to purchase additional Bitcoin, aligning with its ongoing strategy of leveraging debt to expand its cryptocurrency holdings. Meanwhile, the convertible senior notes are unsecured and senior, meaning they rank higher in claim priority over other debt but lack collateral backing.
MSTR stock price is volatile during the premarket hours after MicroStrategy revealed the BTC purchase. MSTR stock price is up just 0.21% at $131.05 on Friday.
The traders didn’t respond immediately to MicroStrategy’s Bitcoin purchase, with Bitcoin price action continues to remain sideways. BTC price is currently trading at $57,836, with a 24-hour low and high of $57,354 and $58,534, respectively. Furthermore, the trading volume has decreased by 15% in the last 24 hours.
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Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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