MicroStrategy buys 7,420 BTC worth $458 million

• Michael Saylor announced MicroStrategy’s additional purchase of 7,420 Bitcoins worth $458.2 million.
• The company made the acquisition after completing the sale of $1 billion of senior convertible notes.
• MicroStrategy now holds 252,220 BTC, which is 1.27% of the total supply.

MicroStrategy continued its Bitcoin buying spree on Friday after announcing the purchase of 7,420 BTC for $458.2 million. The company now owns 1.27% of the total Bitcoin circulation.

MicroStrategy buys additional Bitcoin for $458 million

Business intelligence firm MicroStrategy purchased 7,420 BTC from its recent senior convertible note sale on Friday. CEO Michael Saylor announced that the company purchased the tokens at a rate of $61,750 per Bitcoin. The total purchase amounts to $458.2 million, increasing his Bitcoin holdings to 252,220 BTC.

According to Saylor, MicroStrategy acquired its total Bitcoin holdings at an average price of $39,266 per BTC, bringing the total cost — including taxes and fees — to about $9.9 billion.

The announcement comes after the firm completed a major offering of $1 billion of senior convertible notes. On Tuesday, MicroStrategy announced a $700 million senior private offering. In the proposal, the company revealed intentions to use the proceeds from the sale to buy back debt and purchase additional Bitcoin.

Today’s purchase follows MicroStrategy’s purchase of 25,720 BTC for $1.11 billion last week – the largest purchase of 2021.

MicroStrategy initiated its aggressive Bitcoin acquisition strategy in August 2020, following a reorganization of its corporate treasury approach that positioned the leading cryptocurrency as a core asset in its portfolio.

The move was based on Saylor’s belief that Bitcoin is “digital gold,” which underscores its widespread recognition in the crypto industry.