MicroStrategy CEO says the publicly traded firm has bought another $175 million in bitcoin

A day after publicly traded business intelligence firm MicroStrategy indicated in a regulatory filing that it might expand its bitcoin holdings, the firm's CEO confirmed that it has done just that.

In a Tuesday morning tweet, MicroStrategy CEO Michael Saylor said that the firm had bought another 16,796 BTC, adding to the 21,454 it purchased earlier this summer.

As reported on Monday, MicroStrategy had said in the September 14 filing to the Securities and Exchange Commission that bitcoin serves as the company's "primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets, including future potential share repurchase activity." The firm had previously positioned its bitcoin purchases as a hedge against inflation.