Bitcoin

Million

Billion

MicroStrategy (Nasdaq: MSTR) recently issued convertible senior notes in a bid to raise around $720 Billion from private investors. The company raised more money than expected. 
<h2 class="wp-block-heading" id="strong-microstrategy-s-latest-btc-haul-comes-at-68-000-per-btc-strong">MicroStrategy’s Latest BTC Haul Comes At $68,000 Per BTC</h2> 
MicroStrategy now owns 205,000 Bitcoins worth around $14 Billion after purchasing an additional 12,000 BTC from the $800 Million raised in the sale of <a href="https://www.thecoinrepublic.com/2024/03/08/microstrategy-could-raise-over-700m-via-debt-to-buy-more-btc/" target="_blank" rel="noreferrer noopener">convertible</a> senior notes. Meanwhile, BTC has crossed the $72,000 mark, touching a new <a href="https://www.thecoinrepublic.com/2024/03/11/bitcoin-revolution-btc-is-going-wild-is-100k-possible/" target="_blank" rel="noreferrer noopener">all-time high</a>. MSTR is up over 7% intraday. The sale of the convertible notes was completed on March 8. 
Tyson Corner reported the purchase in a Securities and Exchange Commission (SEC) filing. MicroStrategy released a press release dated March 11, reporting the purchase of the BTCs. 
The purchase on Monday came at an average price of $68,000, while the average price of MicroStrategy’s total <a href="https://www.thecoinrepublic.com/2024/03/11/bitcoin-revolution-btc-is-going-wild-is-100k-possible/" target="_blank" rel="noreferrer noopener">BTC</a> holdings is around $33,700. MicroStrategy started buying Bitcoins in 2020. Initially, BTC was just another investment avenue for the company. 
Executive chairman and co-founder of MicroStrategy, Michael Saylor, has become increasingly vocal about Bitcoin’s benefits and potential. After BTC marked a new all-time high (ATH) on Monday, Saylor said in an interview with CNBC that Bitcoin had all the benefits and none of the defects of Gold. 
Per MicroStrategy, investors exercised the option to buy additional notes worth $100 Million in full. The option was reserved for the initial purchasers of the notes. These notes can be converted into MSTR. 
$782 Million was the net proceeds from the sale of the convertible notes, and MicroStrategy used this amount to buy BTC. 
<h3 class="wp-block-heading" id="strong-microstrategy-and-bitcoin-strong">MicroStrategy And Bitcoin</h3> 
Bitcoin is MicroStrategy’s primary reserve asset, and the company intends to accumulate more over time. MicroStrategy started as a software development company and now calls itself a Bitcoin development company in order to demonstrate that Bitcoin plays a big role in its business strategy. 
The MSTR market capitalization is now around $25.7 Billion. Over the month, the stock price jumped more than 170%. Last month, the company bought 3000 Bitcoins for around $155 Million. 
Since February 25, BTC has been rising from the $50,000 mark to over $72,000 on Monday. The digital asset hovered around the $67000-$69000 range for a few days before breaking the $70,000 barrier. After the SEC approved the 11 Bitcoin spot exchange traded funds (ETFs) in January, BTC price soared past the $40,000 mark. 
The Bitcoin halving event will reduce the mining reward by half. Presently, around 900 BTC coins are mined per day; after the halving, around 450 coins would be mined per day. Bitcoins are mined and the miners need to be rewarded. Halving ensures scarcity and counters inflation, so miners can be rewarded for the next few decades. Mining and validation are essential to the Bitcoin network as these maintain the integrity of the system. 
The Bitcoin price is performing exceedingly well compared with a number of other top assets, including Gold, Silver, Oil, and Blue chip stocks.

MicroStrategy Buys 12000 Bitcoins; Bitcoin Will Eat Gold- Saylor

Table of Contents

Thecoinrepublic.com

Other articles published on Mar 12, 2024

Edu3Labs Making Big News

Kaiko: Bitcoin’s all-time high leads to record $600m liquidity depth

JPMorgan Compares Bitcoin to Smoking Cigarettes

3 cryptocurrencies to turn $10 into $1,000 in March

$SHIB Sets Up for Major Price Move as New Meme coin Shocks with $4 Million ICO

Kohl’s Q4 EPS of $1.67 Surpasses Expectations, Demonstrating Strong Cost Management

Join our free newsletter for daily crypto updates!