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Microstrategy, Inc. (MSTR) announced:
As previously reported, on March 8, 2024, MicroStrategy Incorporated (hereinafter referred to as “MicroStrategy”) completed a non-public sale of convertible senior notes (hereinafter referred to as the “Sale”). The sale, which provided for an interest rate of 0.625% and a 42.5% increase in the conversion price over the final sale value of MicroStrategy’s Class A common stock on March 5, 2024, was favorably received by the market and was increased to a total amount of $800 million in principal. This sum includes the full use of the initial buyers’ option to acquire an additional $100 million. The net funds received by MicroStrategy in connection with the sale are approximately $782 million.
On March 11, 2024, MicroStrategy said that between February 26, 2024 and March 10, 2024, it purchased approximately 12,000 bitcoins with approximately $821.7 million in cash, using $781.1 million from proceeds. from sale and $40.6 million from excess cash (as defined in our Annual Report on Form 10-K for the year ended December 31, 2023), at an average cost of approximately $68,477 per bitcoin, which includes fees and other expenses.
As of March 10, 2024, MicroStrategy and its affiliates collectively owned approximately 205,000 bitcoins, acquired at a total cost of approximately $6.91 billion and an average cost of approximately $33,706 per bitcoin, such price including fees and other expenses.
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