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MicroStrategy Acquires 9,245 BTC, Holds 1% of Bitcoin

MicroStrategy Acquires 9,245 BTC, Holds 1% of Bitcoin

MicroStrategy has acquired more than 9,000 BTC, which has resulted in its total holdings now representing 1% of the maximum supply of BTC. 

MicroStrategy obtained this money by successfully issuing senior convertible notes that will mature in 2031.

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These speculations arose when this buildup became apparent after BTC’s decline to $63K. 

Today, on March 19, Michael Saylor’s MicroStrategy made an exciting move in the cryptocurrency world. They purchased an additional 9,245 BTC after completing their issuance of 0.875% convertible senior notes, which are due in 2031, on March 18, 2024. The firm’s total Bitcoin holdings have now reached 214,246 BTC, which represents 1% of Bitcoin’s maximum supply of 21 billion in the market. 

Simultaneously, the emergence of the accumulation during Bitcoin’s decline to the $63K level created excitement throughout the broader cryptocurrency market. By completing the offering mentioned above, MicroStrategy has obtained sufficient assets to strengthen its position and financial plans in the ever-changing realm of cryptocurrency. 

An In-depth Analysis of Microstrategy’s Filing 

MicroStrategy purchased 9,245 BTC for $623 million, as stated in a recent filing with the U.S. Securities and Exchange Commission (SEC). As mentioned above, the company used funds from the offering and some additional cash for this acquisition. The total principal amount of these notes was $603.75 million, which included a $78.75 million fund that the first purchasers exercised within 13 days. The notes were completed on March 18 and were mainly used for private offers to qualified institutional buyers under Rule 144A of the Securities Act of 1933. 

In pre-market trading today, MicroStrategy (NASDAQ: MSTR) experienced a significant decline of 10.58%, with its price reaching $1,336.99. However, with the previously indicated accumulation, the company currently possesses 214,246 BTC acquired for $7.5 billion at an average cost of $35,160 per Bitcoin. 

Nevertheless, the cryptocurrency BTC experienced a decline in value today, falling to $63. 

Bitcoin’s value declines 

The price of Bitcoin has experienced a significant decline of 7.24% in the last 24 hours and is currently being traded at $63,353. After reaching a new all-time high (ATH), this decline quickly attracted substantial global attention. 

Several fundamental causes are the leading cause of the 7% decline in BTC observed today. This includes subdued trading before the FOMC meeting, outflows from Bitcoin ETFs, significant selling by large investors, and other factors. 

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