MicroStrategy buys Bitcoin worth about $347 million
On June 28, 2023, MicroStrategy, a software analytics firm, announced it purchased about 12,333 Bitcoin (BTC $30,169), worth $347 million (during the time of writing), stated Cointelegraph. It is expected that the total balance of BTC owned by MicroStrategy increased to 152,333 ($4.52 billion), with an average purchase price of $29,668 per piece.
Sources revealed that the Bitcoins were bought between April 27, 2023 and June 27, 2023. It is believed that half of the purchase was financed with the issuance of new stock, Cointelegraph added.
“On May 1, 2023, MicroStrategy entered into a sales agreement with Cowen and Company, LLC and Canaccord Genuity LLC, as sales agents, pursuant to which MicroStrategy may issue and sell shares of its class A common stock, par value $0.001 per share (“Shares”), having an aggregate offering price of up to $625.0 million from time to time through the Agents,” MicroStrategy explained.
Furthermore, till June 28, 2023, MicroStrategy has acquired and sold an aggregate of about 1,079,170 shares as per the agreement for total net proceeds of $337 million, Cointelegraph concluded.
(With insights from Cointelegraph)