MicroStrategy Announces Massive $460M Bitcoin Buy
MicroStrategy has just announced raising $1.01 billion in an upsized offering to convertible notes at 0.625% Coupon and 40% conversion Premium.
The company detailed how it plans to use the funds in the press release itself, but Michael Saylor already jumped the gun and revealed a massive BTC buy.
MicroStrategy has acquired 7,420 BTC for $458.2 million at $61,750 per bitcoin and has achieved BTC Yield of 5.1% QTD and 17.8% YTD. As of 9/19/2024, we hodl 252,220 BTC acquired for apprx. $9.9 billion at $39,266 per bitcoin.
It’s worth noting that the move was first announced on Sept. 17th, when the company intended to raise $700 million. They raised over a billion, hence the “upsized offering,” part.
The current value of MicroStrategy’s BTC holdings is around $15.8 billion. This means they’re sitting on paper profits of around $6 billion or approximately 60%.
The post MicroStrategy Announces Massive $460M Bitcoin Buy appeared first on CryptoPotato.
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