On June 28. MicroStrategy, a software analytics firm, disclosed that businesses acquired 12.333 bitcoins, valued at $347 million. This purchase increased MicroStrategy's total Bitcoin holdings to 152.333. with a combined value of $4.52 b million, at an average purchase price of $29.668 per Bitcoin . The tokens were acquired between April 27 and June 27. and the average purchase price closely aligned with the $28.136 price mentioned in the announcement.
The acquisition of these Bitcoins was partially funded by issuing new shares. MicroStrategy entered into a sale agreement on May 1. 2023. with Cowen and Company, LLC and Canaccord Genuity LLC, authorizing the issuance and sale of shares of its Class A common stock for up to $625 million. As of June 28. the company had issued and sold a total of 1.079.170 shares under this agreement, generating $337 million in net proceeds. MicroStrategy's CEO, Michael Saylor, has been a vocal proponent of Bitcoin and has led efforts to encourage corporate adoption of the cryptocurrency as a strategic asset.
Despite the cryptocurrency bear market, MicroStrategy has continued to use cash and stock financing to aggressively invest in Bitcoin, regardless of its current market price. This approach, along with a one-time income tax benefit, contributed to the company's first profitable quarter since 2020 in the first quarter of 2023.
