MicroStrategy, a titan in business intelligence and a notable corporate Bitcoin custodian, has augmented its Bitcoin reserves with an additional 11,931 BTC, valued at approximately $786 million. This acquisition, executed between April 27 and June 19, transpired at an average price of $65,883 per Bitcoin, as detailed in a recent filing on Thursday.

The firm’s Bitcoin trove now stands at 226,331 BTC, a cache worth an estimated $14.9 billion. This extensive holding was amassed at an average acquisition cost of $36,798 per Bitcoin, encompassing fees and expenses, according to MicroStrategy’s founder and executive chairman, Michael Saylor.

Contextualizing the Purchase

MicroStrategy’s latest Bitcoin purchase builds upon its prior acquisition of 9,245 BTC for $623 million in March, followed by two more modest acquisitions. These strategic moves have propelled the firm’s holdings beyond 1% of the total 21 million Bitcoin supply for the first time.

Read more: MicroStrategy Amplifies Convertible Note Offering by $200 Million

On Thursday morning, MicroStrategy’s share price experienced a 2.4% uptick in pre-market trading, reaching $1,505 according to TradingView. Despite a 2% decline over the past month, the stock has appreciated by 112% year-to-date.

Financial Maneuverings and Market Strategy

The recent acquisition comes on the heels of MicroStrategy’s successful completion of an $800 million convertible note offering. This private offering featured a 2.25% coupon and an approximate 35% conversion premium over the U.S. composite volume weighted average price of MicroStrategy’s class A common stock, as per the filing.

Initially, MicroStrategy proposed a $500 million offering on June 13, but due to a favorable market response, the offering was increased to $800 million. The net proceeds, approximately $786 million, were allocated to the Bitcoin purchases, supplemented by excess cash reserves.

MicroStrategy’s continuous investment in Bitcoin underscores its unwavering confidence in the cryptocurrency’s long-term value, positioning the company as a formidable entity within the Bitcoin ecosystem.