2024

Bitcoin

Million

Note

<p>MicroStrategy Executive Chairman Michael Saylor recently announced that his firm has purchased an additional 11,931 Bitcoins at an average price of ~$65,883 per Bitcoin. This development has given some upside push to the Bitcoin (BTC) price currently trading 1.46% up at $65,995 with a market cap of $1.3 trillion.</p> 
<h3 id="microstrategy-raises-800-million-from-convertible-notes">MicroStrategy Raises $800 Million From Convertible Notes</h3> 
<p>A week before, MicroStrategy (NASDAQ: MSTR) announced its $800 million convertible notes offerings in its commitment to increase its <a href="https://coingape.com/michael-saylor-upsizes-microstrategy-bitcoin-buy-700-million/" target="_blank" rel="noopener">Bitcoin holdings</a>. The notes will reach maturity in 2032 with a 2.25% interest rate, paid semi-annually beginning on December 15, 2024. These notes are basically unsecured, senior obligations of MicroStrategy.</p> 
<p>These notes can either be converted into cash, shares of MicroStrategy class A common stock, or a combination of both, as per the company’s discretion. Before December 15, 2031, these conversions can happen only under specific conditions and designated periods, as per the <a rel="nofollow" href="https://www.microstrategy.com/press/microstrategy-completes-800-million-offering-of-225-convertible-senior-notes-due-2032_06-20-2024" target="_blank">MicroStrategy press release</a>.</p> 
<p>In his latest announcement on the social media platform, Michael Saylor announced that MicroStrategy now holds a total of 226,331 Bitcoins acquired at an average price of $36,798 per BTC, totaling approximately $8.33 billion.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes &amp; excess cash for ~$65,883 per <a rel="nofollow" href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>. As of 6/20/24, <a rel="nofollow" href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> hodls 226,331 <a rel="nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> acquired for ~$8.33B at average price of $36,798 per bitcoin.<a rel="nofollow" href="https://t.co/jE9dGqqnON">https://t.co/jE9dGqqnON</a></p> 
 <p>— Michael Saylor<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@saylor) <a rel="nofollow" href="https://twitter.com/saylor/status/1803763490928119950?ref_src=twsrc%5Etfw">June 20, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The MicroStrategy (MSTR) share price is already trading at 2.35% in the pre-market hours shooting past $1,500 levels. Since the beginning of 2024, the MSTR stock has already surged by over 114% gains. In fact, the MicroStrategy stock has outperformed Bitcoin throughout since the beginning of 2023. The MSTR one-year gains are at 338% while that of Bitcoin are at 145%.</p> 
<h3 id="btc-price-action">BTC Price Action</h3> 
<p>The Bitcoin price is facing some resistance at $66,000 recently amid strong selling action in the market. However, some market analysts earlier predicted that if MicroStrategy invests its convertible notes to Bitcoins, then we can see a <a href="https://coingape.com/markets/bitcoin-price-ready-to-skyrocket-after-microstrategys-500m-move-to-buy-btc/" target="_blank" rel="noopener">BTC price bounce</a> back to $72,000.</p> 
<p>On the other hand, data from CoinGlass shows that if the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> reaches closer to $70,000, a massive $1.67 billion in short positions will be liquidated.</p> 
<p>The post <a href="https://coingape.com/breaking-microstrategy-scoops-11931-bitcoins-using-800-million-convertible-note-proceeds/">Breaking: MicroStrategy Scoops 11,931 Bitcoins Using $800 Million Convertible Note Proceeds</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Breaking: MicroStrategy Scoops 11,931 Bitcoins Using $800 Million Convertible Note Proceeds

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