On June 28, the software analytics company MicroStrategy announced a corporate purchase of 12,333 bitcoins, worth 347 million dollars at the time of publication. Following the transaction, the total bitcoin balance owned by MicroStrategy increased to 152,333 (4.52 billion dollars), with an average purchase price of 29,668 dollars per coin.
The total average acquisition price is close to the purchase price of 28,136 dollars announced in daily disclosures. The bitcoins were purchased between April 27 and June 27. The purchase was partially financed through the issuance of new shares.
– On May 1, 2023, MicroStrategy entered into a sales agreement with Cowen and Company LLC and Canaccord Genuity LLC, as sales agents, under which MicroStrategy may issue and sell shares of its Class A common stock, with a par value of $0.001 per share, with an aggregate offering of up to $625.0 million from time to time through agents – the company stated.
As of June 28, MicroStrategy has issued and sold a total of 1,079,170 shares under the agreement for total net proceeds of $337 million.
The company is led by Michael Saylor, who openly advocates for bitcoin and encourages corporations to adopt the largest cryptocurrency in the world by market capitalization as a strategic asset.
MicroStrategy actively purchases bitcoin using cash and equity financing during the crypto bear market, sometimes regardless of the current price. In the first quarter of 2023, the company reported its first profitable quarter since 2020 due to a one-time income tax relief.
