Michael Saylor’s Strategy bought $1.9 billion of Bitcoin, the latest in a series of almost weekly acquisitions of the cryptocurrency since late October.
The purchase increased the dot-com-era software maker turned leveraged Bitcoin proxy’s holding of the digital asset to around $43.4 billion. That is about 2.5% of all the 21 million in tokens slated to be issued.
The former MicroStrategy purchased 22,048 Bitcoin at an average price of approximately $86,969 from March 24 through March 30, according to a filing with the US Securities and Exchange Commission on Monday.
Strategy financed the latest purchase with proceeds raised through its common shares at-the-market sales program and preferred shares offerings.
The common shares of Strategy have surged about 2,200% since Saylor began investing the company’s cash into Bitcoin as a hedge against inflation in 2020. Bitcoin is up over 600% during the same period.
Hedge funds have been driving some of the demand for the convertible debt that’s been doled out in public offerings, as they seek out Strategy for trades that incorporate buying the bonds and selling the shares short, essentially betting on the underlying stock’s volatility.
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