MicroStrategy said Monday that it had purchased an additional 29,646 bitcoin, worth about $650 million, taking its total bitcoin purchase to more than $1 billion this year.
MicroStrategy raised $650 million via senior convertible notes earlier this month, and all that amount has been utilized to buy bitcoin. Senior convertible notes are debt securities that can be converted into shares of an issuer.
While in terms of units, MicroStrategy now holds a total of 70,470 bitcoin, purchased at an average price of about $15,964 a piece. Bitcoin is currently trading at about $22,700 at the time of writing.
Phong Le, president and CFO of MicroStrategy, said the company continues to believe that "bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash."