According to the news of the Wise Finance APP, microstrategy (MSTR.US) used the proceeds from the sale of convertible notes to buy about $786 million worth of bitcoin.
According to the documents submitted to the U.S. SEC on Thursday, the company bought 11,931 bitcoins between April 27 and June 19. The purchase has increased its total bitcoin holdings to 226,331, worth about $14.9 billion.
Microstrategy's chairman and co-founder, Michael Saylor, began buying bitcoin in 2020 as a hedge against inflation and an alternative to holding cash. Since Saylor started buying bitcoin, the digital currency has risen about 600%.
The move to buy bitcoin has pushed up MicroStrategy's stock price, which has soared more than 1,000% since Saylor made the move.