Microstrategy, $MSTR, has acquired 12,000 bitcoins for $821.7 million in cash

MicroStrategy (MSTR) has acquired an additional 12,000 bitcoins (BTC), primarily financed by the $782 million generated from its recent convertible debt offering. The software company, founded by prominent bitcoin advocate Michael Saylor, now possesses 205,000 BTC valued at approximately $14.7 billion. The latest bitcoin purchase was made at an average price of around $68,477 per coin, as stated by Saylor in a post on X on Monday. The total cost of the bitcoin acquisition was $821.7 million, utilizing proceeds from the debt raise and excess cash.

Last week, MicroStrategy announced its intention to raise $600 million for the purchase of more bitcoin through the issuance of convertible senior notes with an annual interest rate of 0.625%. The company later increased the target to $700 million.

In another development, the London Stock Exchange revealed plans to accept applications for the admission of exchange traded notes backed by Bitcoin and Ether, providing professional investors with another avenue to invest in these assets. The exchange stated that applications would be accepted in the second quarter of 2024, with the exact launch date to be confirmed later. Any proposed notes must meet specific criteria, including being non-leveraged and backed by at least 90% of Bitcoin or Ether held in an offline depositary wallet or under arrangements that achieve a similar cold storage outcome. Additionally, the custodian or custodians holding the underlying cryptoassets must comply with anti-money laundering regulations in the UK, European Union, Jersey, Switzerland, or the United States.