MicroStrategy Continues to Expand Bitcoin Holdings with $623 Million Purchase

MicroStrategy, a business intelligence firm led by CEO Michael Saylor, has once again made headlines in the cryptocurrency world by announcing the purchase of approximately 9,245 bitcoins for around $623 million in cash. This latest acquisition comes as part of the company’s ongoing strategy to accumulate Bitcoin as its primary corporate treasury asset.

According to a new press release from MicroStrategy, the company acquired the bitcoin between March 11 and 18, using proceeds from its recent convertible senior notes offering and excess company cash. The average purchase price for the bitcoins was approximately $67,382 per bitcoin.

This significant purchase follows MicroStrategy’s recent successful private offering of 0.875% convertible senior notes due in 2031, which raised $603.75 million. The company upsized the offering from $500 million due to strong demand from investors.

With this latest buy, MicroStrategy now holds a total of approximately 214,246 bitcoins, acquired at an average price of $35,160 per bitcoin. In total, the company has spent $7.53 billion to build its Bitcoin treasury reserves.

Despite the volatility in the Bitcoin market, MicroStrategy remains committed to its aggressive Bitcoin strategy. The company has been willing to take on debt and issue equity to raise funds for further accumulation of the cryptocurrency. MicroStrategy now owns more than 1% of the total Bitcoin supply, solidifying its position as a major player in the crypto space.

While some skeptics have raised concerns about the balance sheet risk associated with bitcoin-backed loans, Saylor remains confident in Bitcoin’s long-term trajectory. He believes that the cryptocurrency will continue to appreciate in value over time, making it a valuable asset for the company’s treasury.

With the latest purchase of bitcoins enabled by the upsized note offering, MicroStrategy is doubling down on its commitment to Bitcoin. The company’s bold moves in the cryptocurrency market have garnered attention and admiration from many in the industry, solidifying its reputation as a pioneer in corporate Bitcoin adoption.

For more information on MicroStrategy’s latest Bitcoin purchase, you can visit the article on Bitcoin Magazine’s website [here](https://bitcoinmagazine.com/business/michael-saylors-microstrategy-9245-btc-620-million).