MicroStrategy is once again increasing its Bitcoin supply

MicroStrategy, known as one of the largest public holders of Bitcoin, has successfully completed a new convertible bond offering. This initiative is part of their strategy to further expand the company’s Bitcoin supply.

Offering of convertible senior notes completed

Michael Saylor, the former CEO of MicroStrategy, announced on March 18 via This offering resulted in a sale of notes valued at $603.75 million, including $78.75 million of notes issued under an option to purchase.

This private sale to qualified institutional buyers was conducted in accordance with U.S. securities laws. This move follows an earlier successful offering on March 8, in which MicroStrategy sold $800 million in convertible notes. Proceeds from that offering were used to add 12,000 BTC to the company’s Bitcoin reserves.

Reinvest net proceeds into Bitcoin

MicroStrategy plans to reinvest the net proceeds from this recent sale into the purchase of more Bitcoin. Just minutes after announcing the new $604 million offering, revealed Saylor purchasing another 9,245 BTC. This purchase was financed with the proceeds from the bonds sold and excess cash, at an average price of $67,382 per BTC.

With this recent purchase, MicroStrategy now owns a total of 214,246 BTC, representing 1.02% of the total Bitcoin supply yet to be mined. The company has an average purchase price of $35,160 per BTC for its total Bitcoin inventory.

Raising $600 million

MicroStrategy had previously announced on March 13 that it planned to raise an additional $600 million through a private offering of convertible notes. These senior convertible notes can be converted into shares at a later date and have a maturity date of March 15, 2031.

Saylor, who is known as a staunch supporter of Bitcoin, has indicated that he has no plans to sell the company’s Bitcoin stock. “I’m going to buy the top forever. Bitcoin is the exit strategy,” Saylor stated in response to questions about the company’s sales plans.