MicroStrategy Buys 55,500 Bitcoin Ahead of Nasdaq 100 Reranking
MicroStrategy, known for its bold moves in the cryptocurrency world, recently made a massive purchase of 55,500 bitcoins, totaling a whopping $5.4 billion. This latest acquisition brings their total bitcoin holdings to an impressive 386,700 BTC, valued at nearly $38 billion. The company didn’t hold back, paying an average of $97,862 per bitcoin in this recent buy. These purchases took place over six days, ending just yesterday.
MicroStrategy’s foray into bitcoin began back in 2020, and since then, they have been making headlines with their substantial bitcoin acquisitions and a significant surge in their share price. In fact, their share price skyrocketed by a remarkable 515% this year, briefly propelling them into the top 100 largest publicly traded companies in the US by market cap.
To fund this latest bitcoin spree, MicroStrategy recently completed the sale of $3 billion in convertible debt. The notes are due in 2029, come with a 0% coupon, and boast a 55% conversion premium, which translates to a share price of approximately $672.40. As a result, their shares are up by 3.3% in premarket trading, reaching $436.
All eyes are now on the Nasdaq 100 Index, which is set to undergo its annual reranking with results to be announced on December 13th. After the announcement, the rebalancing will take place after the market close on December 20th. MicroStrategy eagerly awaits to see if they will be included in the index, further solidifying their position in the market. Exciting times are ahead for this bitcoin pioneer!
