Business intelligence firm MicroStrategy disclosed a purchase of 27,200 Bitcoin in a statement made on Monday. It is the company’s largest acquisition of the world’s most valuable cryptocurrency since 2020 when it bought 29,646 Bitcoin.
MicroStrategy, which is the largest corporate holder of Bitcoin, made the purchase between October 31 and November 10 for approximately $2 billion.
MicroStrategy co-founder and former CEO Michael Saylor started investing in Bitcoin in 2020 as a hedge against inflation. It is estimated that the company currently holds 279,420 Bitcoins, acquired at the average price of $39,292.18 per coin. After the recent surge in Bitcoin price, its holdings are currently worth around $24 billion.
Investing in Bitcoin has provided a boost for MicroStrategy’s stock, which is more than 2,000% up since 2020. Monday’s disclosure brought the company’s shares up by a further 25.73% for a close price of $340.00 per share.
The cryptocurrency market has seen a massive rally starting last week, with Bitcoin particularly being in high demand. The coin is continuously setting new records, and its price has been climbing by 27% in the past week. It gained 8.5% on Monday alone, trading at an all-time high price of $87,231.77.