MicroStrategy Now Holds Over 214K Bitcoin After Snapping Up 9,245 More BTC

Tech firm MicroStrategy has once again ballooned its Bitcoin trove as the company acquired 9,245 more Bitcoin (BTC) after completing its senior convertible notes offering.

In a celebratory post on X (formerly Twitter) on Tuesday, MicroStrategy founder and executive chairman Michael Saylor said that as of Monday, the company held 214,246 BTC, acquired for $7.53 billion, at an average price of $35,160 each. The latest buy was purchased for $623.0 million at an average price of $67,382 per BTC.

He made the announcement after MicroStrategy said it has completed its $603 million offering of senior convertible notes due 2031 as part of its strategy to obtain more Bitcoin.

"The net proceeds from the sale of the notes were approximately $592.3 million, after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by MicroStrategy," the business intelligence firm said in a press release Tuesday.

Before its latest buy, MicroStrategy's BTC holdings count was at 205,000. The said number was reached over a week ago, when the company announced that it purchased 12,000 more Bitcoin between Feb. 26 and March 10. Before the said announcement, MicroStrategy was dethroned by asset management titan BlackRock's spot BTC exchange-traded fund (ETF) IBIT, which had nearly 198,000 BTC holdings.

The latest purchase puts MicroStrategy at the frontline, as it now has more than 1% of the total BTC supply – the world's first decentralized cryptocurrency was designed to have a 21 million supply limit.

MicroStrategy is the largest known corporate holder of Bitcoin. Saylor is known as a Bitcoin maximalist. He was among the few early adopters of the cryptocurrency and continued to believe in its potential even during BTC's ultimate lows late in 2022 when FTX's collapse dragged Bitcoin prices down.

Earlier this month, Saylor predicted that banks will ultimately be forced to offer Bitcoin custody services as the institutional interest in BTC trades increases and more banking clients show interest in the cryptocurrency. He also said Bitcoin will one day blast past gold – his remarks were made after BTC broke past the $60,000 mark.

MicroStrategy said earlier this year that it was transitioning to a "Bitcoin development company," with Saylor noting that it was a "natural" move for the company since its Bitcoin strategy has proved to be successful.

BTC dropped to $65,000 as of Tuesday following its weeks long bull run that even pushed the crypto to hit an all-time high of $73,000.