MicroStrategy Bitcoin Holding Now Reaches 1% Of Total Bitcoin Supply

Key Points:

• MicroStrategy bought 9,245 BTC for $623 million, now holding 214,246 BTC valued at $13.6 billion.
• The purchase was funded by a $603.75 million note offering and cash surplus, averaging $67,382 per BTC.
• Blackrock’s Bitcoin ETF overtakes MicroStrategy Bitcoin holdings with 237,339.13 BTC.

MicroStrategy, renowned for its dual role as a software firm and a major player in Bitcoin development, has once again made waves in the cryptocurrency market.

MicroStrategy Bitcoin Holdings Boosted By Over 9000 BTC

According to a filing on Tuesday, the business intelligence giant has added another 9,245 Bitcoins (BTC) to its already substantial stash, equivalent to roughly $67,382 per coin.

This acquisition follows swiftly on the heels of MicroStrategy‘s completion of a $603.75 million offering of convertible senior notes due in 2031 earlier the same day. The company’s founder, Michael Saylor, confirmed that the proceeds from this offering, along with surplus cash, were promptly directed towards bolstering MicroStrategy Bitcoin holdings.

As of March 18, 2024, MicroStrategy boasts a staggering 214,246 BTC in its treasury, acquired at an average price of $35,160 per coin. Notably, MicroStrategy Bitcoin holding now surpasses 1% of the total BTC supply, translating to an unrealized profit of approximately $6 billion.

MicroStrategy’s latest buying spree occurred between March 11 and March 18, including fees and expenses. The $623 million spent on this recent acquisition comprised $592.3 million from the aforementioned convertible note sale and $30.7 million from surplus cash reserves.

MicroStrategy Bitcoin Journey Is Admirable

In total, MicroStrategy has invested around $7.53 billion in Bitcoin purchases, currently valued at $13.6 billion. Despite recent fluctuations, with Bitcoin’s price oscillating between peaks above $73,000 and its current level around $63,000, MicroStrategy remains steadfast in its strategy of accumulating cryptocurrency.

MicroStrategy’s foray into Bitcoin dates back to 2020, positioning it as the largest public company in terms of BTC reserves held. However, the recent rise of Blackrock’s spot Bitcoin exchange-traded fund (ETF), IBIT, now boasting 237,339.13 BTC, has surpassed Microstrategy’s holdings, marking a notable shift in the landscape of cryptocurrency investment.