Business intelligence firm MicroStrategy added Bitcoin (BTC) to its portfolio by purchasing 29,646 BTC for a total amount of $ 650 million, averaging around $ 21,925 per bitcoin.

CEO Michael Sailor tweeted the news immediately after the price dropped to $ 22,247, although it is unclear if the acquisition coincided with the accident.

MicroStrategy announced its intention to buy more bitcoin earlier this month by selling $ 400 million in debt to raise funds for the purchase. The bond sale ultimately raised $ 650 million, which is now used to purchase Bitcoins as promised.

The company now has a total of 70,470 BTC, purchased at an average price of $ 15,964 per bitcoin. This makes it the fifth largest single deposit of Bitcoin, somewhere before the US government, which is said to have 69,420 BTC.

MicroStrategy started its Bitcoin journey in August with the purchase of 21,000 BTC for $ 250 million. At the time, the company said it intended to use Bitcoin as its primary reserve currency to protect against US dollar inflation.

Additional acquisitions followed, including a $ 425 million acquisition in September, conducted through Coinbase’s OTC division.

Recently, Sailor urged his billionaire friend Elon Musk to follow suit and use BTC to replace the US dollar as Tesla’s primary reserve currency. Sailor argued that this should encourage other S&P 500 companies to follow suit, bolstering the benefits of the move.

Source: CoinTelegraph