MicroStrategy buys $347M worth of Bitcoin amid market thaw

the corporate purchase of 12,333 Bitcoin , worth $347 million at the time of publication. After the transaction, the total balance of Bitcoin owned by MicroStrategy has increased to 152,333 with an average purchase price of $29,668 apiece.

The total average purchase price is close to the $28,136 apiece purchase price disclosed in today's announcements. The coins were bought between April 27 and June 27. The purchase was partly financed with the issuance of new stock, as the company wrote: "On May 1, 2023, MicroStrategy entered into a Sales Agreement with Cowen and Company, LLC and Canaccord Genuity LLC, as sales agents, pursuant to which MicroStrategy may issue and sell shares of its class A common stock, par value $0.001 per share , having an aggregate offering price of up to $625.0 million from time to time through the Agents."

As of June 28, MicroStrategy has issued and sold an aggregate of 1,079,170 shares under the agreement for total net proceeds of $337 million. Cointelegraphon April 5 that Microstrategy added 1,045 BTC to its balance sheet. The company is led by CEO Michael Saylor, who has been an outspoken advocate for Bitcoin and spearheading corporations' charge to adopt the world's largest cryptocurrency by market cap as a strategic asset.

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