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MicroStrategy (NASDAQ:) disclosed on Wednesday that it bought $347 million from using proceeds from the sale of approximately $334 million worth of stock. The company was able to purchase the new bitcoins at lower prices than the current market of $30,268 and reduced the average price paid.
MicroStrategy announced that between April 29, 2023 and June 27, 2023, it, together with its subsidiaries, purchased approximately 12,333 bitcoins for approximately $347 million in cash. The average price per bitcoin, including fees and expenses, was around $28,136.
As of June 27, 2023, MicroStrategy and its subsidiaries collectively held approximately 152,333 bitcoins. These were acquired for a total purchase price of approximately $4.52 billion, with an average purchase price of approximately $29,668 per bitcoin, including fees and expenses.
MicroStrategy previously disclosed that on May 1, 2023, it entered into a sales agreement with Cowen and Company, LLC and Canaccord Genuity LLC, acting as sales agents. Under this agreement, MicroStrategy has the ability to issue and sell Class A common stock, valued at an aggregate offering price of up to $625 million, periodically through the Agents.
On June 28, 2023, MicroStrategy announced that as of June 27, 2023, it had issued and sold a total of 1,079,170 shares under the sale agreement. Net proceeds to MicroStrategy, after sales commissions and fees, were approximately $333.7 million.