MicroStrategy currently holds approximately $8.33 billion worth of 226,331 Bitcoins. The price of Bitcoin has dropped below $65,000 and is now trading at $64,902.
Led by Michael Saylor, MicroStrategy purchased an additional 11,931 Bitcoins at an average value of over $65,883 each to increase its Bitcoin holdings. In a move to further boost its Bitcoin reserves, MicroStrategy had previously announced the sale of $800 million in convertible notes.
Interest on these notes will be paid semi-annually starting on December 15, 2024, with a maturity date set for 2032 and an interest rate of 2.25%. These notes represent MicroStrategy’s senior obligations and are essentially unsecured. The company has the option to convert the notes into cash, shares of MicroStrategy class A common stock, or a combination of both, with specific conversion conditions to be met before December 15, 2031.
As stated in MicroStrategy’s news release, the corporation currently holds approximately $8.33 billion worth of 226,331 Bitcoins, purchased at an average price of $36,798 per BTC. The stock of MSTR has seen a significant increase of over 114% since the beginning of 2024. In comparison, MicroStrategy stock has outperformed Bitcoin since the start of 2023, with Bitcoin’s one-year gains at 145% and MSTR’s at 338%.
Despite market predictions that the price of BTC could rebound to $72,000 if MicroStrategy converted its convertible notes into Bitcoins, heavy selling pressure in the market has caused Bitcoin to face resistance at the $66,000 level. Currently, the price of Bitcoin has dropped below $65,000 and is trading at $64,902. This information is based on data from CMC.
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