Business intelligence firm MicroStrategy acquired $1.1 billion worth of Bitcoin, according to the company’s recent US Securities and Exchange Commission (SEC) filing.
MicroStrategy unveiled that it had purchased 18,300 Bitcoins from the beginning of August until September 12. This marks the company’s largest purchase of the world’s most valuable cryptocurrency since it bought 19,452 Bitcoins back in February 2021.
With the latest Bitcoin pickup, MicroStrategy strengthens its status as the largest corporate holder of the token. It now has a total of 244,800 Bitcoins, believed to be around 1% of all Bitcoins in existence, which are valued at approximately $14 billion.
MicroStrategy’s large purchase is believed to have contributed to Bitcoin’s 2.78% jump on Friday. The coin has been trading around $59,700 after the jump, approaching the $60K mark for the first time since late August.
MicroStrategy started buying Bitcoin as a hedge against inflation under former CEO and co-founder Michael Saylor. This strategy is believed to have made MicroStrategy’s stock appealing to investors who are crypto enthusiasts.
The shares of MicroStrategy tend to perform better in times when the crypto market is flourishing and are currently 105.06% up year-to-date compared to a 35.20% jump in Bitcoin during the same period.