Business intelligence firm MicroStrategy continues to spend heavily on Bitcoin. On Monday, the company revealed that it bought more Bitcoin last week in a U.S. Securities and Exchange Commission (SEC) filing, marking the eighth straight week in which it increased its cryptocurrency holdings.
According to the SEC filing, MicroStrategy, the world’s largest corporate holder of Bitcoin, spent roughly $209 million in cash to fund the latest purchase. It acquired 2,138 Bitcoin at an average price of $97,837 per coin to get its holdings to 446,400 Bitcoin. Based on Monday’s price of $94,272.97, the company now owns more than $42 billion in Bitcoin.
While MicroStrategy’s practice of buying Bitcoin isn’t waning, the amount of crypto it acquires is in steady decline. In early December, it spent more than $2 billion on Bitcoin weekly. One possible reason for the decline could be the historic heights that the price of Bitcoin reached in December.
Still, MicroStrategy will undoubtedly remain active in the crypto market. It recently asked for approval to issue more shares of Class A common stock and preferred stock, saying it will use the funds to buy more Bitcoin.
After a recent rally, the price of Bitcoin has dropped in recent weeks, and MicroStrategy’s stock followed due to its ties with crypto. On Monday, the company’s shares were down by 5.22% and traded at $312.76 apiece. Still, the stock remains up 356.46% year-to-date.