MicroStrategy Splurges Another $650M on Latest Bitcoin Investment

MicroStrategy is transforming itself into corporate America's boldest bitcoin bull, now owning bitcoin worth over $1.596 billion.

AccessTimeIconDec 21, 2020 at 1:26 p.m. UTC
Updated Sep 14, 2021 at 10:46 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

MicroStrategy has invested all of the proceeds of its $650 million debt issuance into 29,646 more bitcoin.

  • CEO Michael Saylor announced in a tweet Monday that the latest purchase was made at an average price of $21,925 per bitcoin.
  • The business intelligence firm now has 70,470 BTC worth over $1.596 billion in its treasury reserve.
  • Saylor said in the tweet that MicroStrategy has spent $1.125 billion on bitcoin to date, at an average price of $15,964 per bitcoin.
  • MicroStrategy held a $650 million convertible senior note sale in early December to raise funds for this allocation. Previous purchases relied on a $500 million glut in its corporate balance sheet.
  • Issuing debt to buy bitcoin is a bold bet for any publicly traded company, especially for one whose business model does not even center on cryptocurrencies. CEO Michael Saylor has brushed aside all criticism nonetheless.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.