MicroStrategy (NASDAQ:MSTR), the largest holder of bitcoin, has purchased about 51,780 bitcoins for about $4.6 billion, the company’s largest such purchase since it began acquiring the digital asset more than four years ago.
The company, which makes enterprise software and has a strategy that includes investing in cryptocurrencies, disclosed that it bought the amount of bitcoin between Nov. 11 and Nov. 17, according to a filing with the U.S. Securities and Exchange Commission on Monday. With this, the company now has more than $29 billion in bitcoin.
Michael Saylor, co-founder and chairman of MicroStrategy, decided to invest in Bitcoin in 2020 as a hedge against inflation. Initially, the company used cash to fund its purchases, but later switched to using proceeds from issuing and selling stocks, as well as selling convertible bonds, to boost its purchasing power.
This year, Saylor doubled down on that strategy, announcing that the company aims to raise $42 billion over the next three years to buy more bitcoin.
