(Bloomberg) — MicroStrategy Inc. bought approximately $786 million in Bitcoin with the proceeds raised from the sale of convertible notes.
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The company acquired 11,931 Bitcoin between April 27 and June 19, according to a filing Thursday with the US Securities and Exchange Commission. The purchases raised its overall holdings to 226,331 Bitcoin, which are valued at about $14.9 billion.
Michael Saylor, the chairman and co-founder of MicroStrategy, began buying Bitcoin in 2020 as an inflation hedge and alternative to holding cash. The cryptocurrency is up around 600% since Saylor began purchasing it.
The move to buy up Bitcoin has propelled the share price of MicroStrategy, which has skyrocketed more than 1,000% since Saylor’s decision.
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