MicroStrategy Acquired an Additional 9,245 Bitcoins After Completing an Oversubscribed Convertible Senior Notes Offering

The post MicroStrategy Acquired an Additional 9,245 Bitcoins After Completing an Oversubscribed Convertible Senior Notes Offering appeared first on Coinpedia Fintech News

MicroStrategy Inc. (NASDAQ: MSTR) has highlighted that it successfully raised $603.75 million from the previously announced offering of convertible senior notes due 2031. As expected, MicroStrategy immediately converted the raised funds to Bitcoins to cement its long-term investment strategy. According to a different announcement, MicroStrategy acquired 9,245 Bitcoins for about $623 million.

As a result, MicroStrategy now holds 214,246 Bitcoins worth more than $13.5 billion based on the current BTC price of about $63,000.

To put the figure into perspective, BlackRock currently holds about 237,339 Bitcoins with a market value of about $15.94 billion through its iShares Bitcoin Trust (IBIT). 

Based on the market demand, MicroStrategy previously anticipated to raise between $515 million and $592.3 million. However, MicroStrategy raised about $603.75, after the additional $78.75 million convertible senior notes. 

According to executive chairman Michael Saylor, MicroStrategy topped the funds raised with its excess cash to acquire Bitcoins at an average price of $67,382 per coin.

MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0

— Michael Saylor (@saylor) March 19, 2024

Bitcoin Price Continues to Bleed

Bitcoin price has experienced heightened volatility in the recent past leading to more than $664 million liquidated from the crypto leverage market in the last 24 hours. Bitcoin price has dropped more than 7 percent in the past 24 hours to trade around $63,500 on Tuesday during the early New York session.

After dropping below the crucial support level around $69,000 earlier this week, more cryptocurrency traders have turned bearish for the short term despite the increased calls to buy the dip. Furthermore, cryptocurrency traders have been taking a shield from the increased volatility through the stablecoins market amid the high-impact news expected from the United States on Wednesday regarding the interest rates.