(Bloomberg) -- Strategy, the self-styled Bitcoin treasury company that until recently was known as MicroStrategy, said it acquired $1.99 billion more of the cryptocurrency with the proceeds from last week’s convertible bond sale.
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The enterprise software company turned leveraged Bitcoin proxy controlled by co-founder and Chairman Michael Saylor has been buying Bitcoin almost on a weekly basis since late October. The most recent purchase is the fifth-largest by the company since it began buying Bitcoin in 2020. It sold $2 billion in convertible notes last week to help fund additional purchases.
Strategy purchased 20,356 Bitcoin at an average price of approximately $97,514 from Feb. 18 through Feb. 23, according to a filing with the US Securities and Exchange Commission on Monday. The Tysons Corner, Virginia-based firm now owns around $47.7 billion of Bitcoin, or more than 2.5% of all the tokens that will ever exist.
Shares of Strategy have surged over 2,300% since Saylor began investing the company’s cash into Bitcoin as a hedge against inflation. Bitcoin is up over 700% during the same period.
The company later shifted to using equity and share sales to fund the purchases. Strategy unveiled a plan in October to raise $42 billion of capital through 2027 to fund Bitcoin purchases using at-the-market stock sales and fixed-income securities.
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.
Strategy shares fell 1.7% to $24.67 as of 9:50 a.m. in New York on Monday. The stock is up 1.6% so far this year.
--With assistance from Tom Contiliano.
(Updates the share price. An earlier updated corrected the size of the purchase in the second paragraph.)
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