MicroStrategy Incorporated (NASDAQ:MSTR) has made its largest purchase of Bitcoin to date, spending $5.4 billion to add 55,000 Bitcoin to its holdings.
The company purchased the Bitcoin between November 18 and November 24 at an average price of approximately $97,862 per Bitcoin, a regulatory filing on Monday showed.
MicroStrategy said it used the proceeds from convertible notes and share sales to fund its Bitcoin purchase.
The application software company has become a Bitcoin proxy, purchasing the cryptocurrency since 2020.
As of November 24, the company and its subsidiaries held an aggregate of 386,700 Bitcoin, valued at approximately $36.67 billion according to Monday afternoon’s Bitcoin price of $95,000, which were acquired at an average purchase price of $56,761.
Shares of MicroStrategy were down on the news, shedding 4.8% at about $401. The stock, however, is up about 485% this year, having benefited from the rising price of Bitcoin.