(Bloomberg) — MicroStrategy Inc. purchased approximately $786 million worth of Bitcoin with proceeds from the sale of convertible bonds.
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The company acquired 11,931 Bitcoin between April 27 and June 19, according to a filing Thursday with the U.S. Securities and Exchange Commission. This is MicroStrategy’s third largest acquisition of Bitcoin after purchasing 12,000 tokens worth $821 million on March 11.
The company has repeatedly tapped the debt market this year to grab more of the cryptocurrency, issuing more than $2.4 billion in Bitcoin in 2024 alone.
The purchases brought MicroStrategy’s total holdings to 226,331 Bitcoin, worth approximately $14.9 billion. However, MicroStrategy has only spent $8.3 billion on the cryptocurrency, giving the company an 80% paper profit on its investments.
Michael Saylor, the chairman and co-founder of MicroStrategy, started buying Bitcoin in 2020 as an inflation hedge and alternative to holding cash. The cryptocurrency is up about 600% since Saylor started buying it.
The move to buy up Bitcoin has boosted MicroStrategy’s stock price, which has risen more than 1,000% since Saylor’s decision. The stock fluctuated between gains and losses on Thursday, while Bitcoin remained stable.
–With help from Tom Contiliano.
(Updates with details throughout.)
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