Software company-turned Bitcoin development firm MicroStrategy now owns $22.8 billion worth of the leading cryptocurrency after snapping up another 27,200 BTC. 

The company said Monday that it scooped up 27,200 Bitcoin between October 31 and November 10, spending just over $2 billion—an average price of $74,463 per coin.

The Tyson, Virginia-based firm now holds 279,420 Bitcoin in its treasury. MicroStrategy has spent a total of $11.9 billion on the cryptocurrency at a price of $42,692 per coin—which means it’s close to doubling its investment.

The latest buying spree was funded through the company’s share issuance program, continuing MicroStrategy’s aggressive strategy of converting cash to Bitcoin. 

MicroStrategy first bought Bitcoin back in 2020. The company’s former CEO and now-Executive Chairman Michael Saylor was looking to help a sleepy software company during the pandemic and get the best returns for shareholders.

He has since turned the company into a proxy for Bitcoin so traditional investors who prefer not to deal directly with cryptocurrency exchanges or the new American spot exchange-traded funds (ETFs) can get exposure to the asset. 

MicroStrategy now uses debt to buy and securitize the biggest and oldest cryptocurrency. Saylor frequently talks about how the asset is the best way to preserve wealth over the long term.

Bitcoin is currently trading at $81,636, according to CoinGecko, having gained 19% over the past week. BTC has repeatedly set new all-time high price points since Election Day, with the record now set at $82,379 from earlier Monday.

The virtual coin has surged off the back of Republican Donald Trump’s win last week. The President-elect has promised to help the crypto industry. 

Edited by Andrew Hayward

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