MicroStrategy, under the leadership of Executive Chairman Michael Saylor, has acquired an additional 11,931 Bitcoins at an average price of approximately $65,883 per Bitcoin. This move comes shortly after the company announced the issuance of $800 million in convertible notes aimed at bolstering its cryptocurrency holdings.
The convertible notes, set to mature in 2032 with a 2.25% interest rate, were unveiled last week as part of MicroStrategy's strategy to expand its Bitcoin reserves. These notes can be converted into cash, MicroStrategy class A common stock, or a combination thereof, subject to specific conditions until December 15, 2031.
With this recent purchase, MicroStrategy now holds a total of 226,331 Bitcoins acquired at an average price of $36,798 per BTC, reflecting its strong conviction in Bitcoin as a strategic asset. The news has positively influenced Bitcoin's price, which is currently trading around $65,995, up 1.46% on the day, maintaining a market cap of $1.3 trillion.
MicroStrategy's stock (NASDAQ: MSTR) has surged in pre-market trading, rising by 2.35% to surpass $1,500 levels. Year-to-date, MSTR shares have gained over 114%, outpacing Bitcoin's performance, which has seen a 145% increase over the same period last year. This move underscores MicroStrategy's significant position in the cryptocurrency market and its continued bullish outlook on Bitcoin.
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