MicroStrategy has bought the dip again with another sizable purchase of over 13,000 bitcoins, and the firm now owns more than 100,000 bitcoins.
Michael Saylor’s business intelligence giant now owns over 100,000 bitcoins after the company purchased another chunk of 13,005 BTC for nearly $500 million. Consequently, the firm now has 0.5% of all bitcoins ever to exist.
Michael Saylor announced the latest purchase earlier on June 21st. It came after the firm raised $500 million through an offering of senior secure notes, as reported earlier.
As Saylor explained, the 13,005 coins were purchased for just under $500 million with an average price of $37,617. With its latest massive buy, MicroStrategy owns 105,085 bitcoins. It has allocated a total of over $2.7 billion in the asset at an average price of $26,080.
MicroStrategy All in for Bitcoin
MicroStrategy announced that it has completed the issuance of $500 million senior secured notes. The notes were due in 2028 and the money gotten is used to buy more bitcoins. The company currently owns approximately 92,079 bitcoins.
These notes were sold to qualified institutional buyers in a private offering under Rule 144A of the Securities Act of 1933.
What’s interesting, however, is that the company has also announced a newly formed subsidiary, MicroStrategy LLC. This new subsidiary now owns all of the bitcoins.
Shortly thereafter, the business intelligence firm announced that it plans to sell its Class A common stock. The stock will be sold for up to $1 billion. They added that some of the proceeds could be used to buy more bitcoins.
From a percentage point of view, the number of coins MicroStrategy has now is 0.5% of all bitcoins ever to exist and 0.56% of the tokens currently in circulation.
Apart from its sizable investment in BTC, the firm and its CEO have also done multiple other pro-bitcoin endeavors. MicroStrategy hosted an online BTC conference for executives from large corporations, aiming to outline the benefits of investing in the primary cryptocurrency.
The firm made bitcoin its treasury reserve asset and started paying non-employee directors in BTC instead of cash. Additionally, Saylor launched a course of its own for retail investors. He has used every opportunity to praise the cryptocurrency on traditional media.