MicroStrategy Now Holds Over 1% Of Bitcoin’s Total Supply Following Latest $623 Million Purchase

Holding strong to the diehard Bitcoin maximalism of its leadership, MicroStrategy has doubled down yet again on the world’s oldest and largest cryptocurrency, snapping up an additional 9,245 BTC for $623 million, according to the latest U.S. federal government filing.

The purchase brings MicroStrategy’s total Bitcoin hoard up to over 210,000 BTC.

MicroStrategy Continues Bitcoin Buying Spree

Software company MicroStrategy has expanded its Bitcoin treasury.

The Michael Saylor-founded company invested $623 million to acquire 9,245 Bitcoins at an average price of $67,400, per a March 19 filing. The company now owns 214,246 BTC, representing 1.02% of Bitcoin’s total 21 million supply. That’s $13.8 billion in BTC at today’s market prices, with a comfy profit of over $6 billion. Saylor wrote on X that MicroStrategy has shelled out $7.53 billion for its Bitcoin cache.

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

This latest acquisition used the proceeds of a $592.3 million debt offering, raised from its most recent convertible deft offering, and $30.7 million in excess cash. That’s the second consecutive buying action made by the software firm that used funding from debt offerings to acquire more BTC.

As ZyCrypto reported, MicroStrategy announced its second fundraiser on March 13, seeking to raise $500 million via a private offering of senior convertible notes, due in 2031. Senior convertible notes are debt security that can be converted into equity at a later date.

The Tyson, Virginia-based firm first purchased BTC back in August 2020. Saylor said the idea was to give shareholders a bigger return when MicroStrategy was sitting on a lot of cash.

BTC is the safest long-term investment and a hedge against inflation, the MicroStrategy executive chairman declared at the time. Since then, he has touted the premier cryptocurrency as “digital gold” and “property in cyberspace.”

Saylor said last month that he has no plans to sell MicroStrategy’s enormous BTC position in the near or even long term.

“I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor postulated.

With MicroStrategy’s successful increase of its Bitcoin portfolio, the firm is now well positioned ahead of next month’s block subsidy halving event.

Notably, MicroStrategy holds more Bitcoin than the majority of the spot BTC exchange-traded funds trading on United States exchanges. BlackRock’s IBIT leads the pack, with approximately 224,018 BTC under its management.