MicroStrategy purchases another 29,646 bitcoin from funds raised via convertible debt

MicroStrategy said Monday that it had purchased an additional 29,646 bitcoin, worth about $650 million, taking its total bitcoin purchase to more than $1 billion this year.

MicroStrategy raised $650 million via senior convertible notes earlier this month, and all that amount has been utilized to buy bitcoin. Senior convertible notes are debt securities that can be converted into shares of an issuer.

While in terms of units, MicroStrategy now holds a total of 70,470 bitcoin, purchased at an average price of about $15,964 a piece. Bitcoin is currently trading at about $22,700 at the time of writing.

Phong Le, president and CFO of MicroStrategy, said the company continues to believe that "bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash."

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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