MicroStrategy Doubles Down on Bitcoin, Acquiring 12,000 BTC for $786 Million

MicroStrategy, a business intelligence company, has further cemented its commitment to Bitcoin with the purchase of 11,931 BTC for $786 million in cash. This latest acquisition brings the company's total Bitcoin holdings to 226,331 BTC, valued at approximately $15 billion. The purchase was funded using proceeds from convertible notes and excess cash, with an average price of $65,883 per BTC. This move comes just a week after MicroStrategy announced an $800 million offering in convertible senior notes with the specific goal of acquiring more Bitcoin. Despite this significant investment, MicroStrategy remains second only to BlackRock in terms of Bitcoin holdings, which currently boasts over 305,000 BTC in its spot Bitcoin exchange-traded fund. Following the announcement, MicroStrategy's share price (MSTR) saw a 2.3% increase in pre-market trading, reaching $1,503. At the time of writing, Bitcoin is trading at approximately $65,944, according to CoinMarketCap data.