MicroStrategy has purchased another 29,646 bitcoins at an average price of $21,925.

This was revealed by the company’s CEO, Michael Saylor, on Twitter, adding that in total over the months they have purchased 70,470 BTC at an average price of $15,964, investing a total of $1.125 billion.

The company, which is listed on Nasdaq under the symbol MSTR, is the largest independent business intelligence firm listed on the stock exchange, and its CEO is now a fixture in the global bitcoin community.

He stated:

„The Company continues to operate in accordance with its treasury reserve policy, and currently holds approximately 70,470 bitcoins. The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely adopted cryptocurrency, is a reliable store of value. We believe that the proactive management of our balance sheet, along with the Company’s improved revenues and profitability, have been significant factors in the recent appreciation of our stock price.“

Microstrategy’s relationship with Bitcoin

Microstrategy began purchasing BTC in August after deciding to adopt it as its primary store of value.

After using excess cash for these purchases, it began raising funds by selling convertible senior notes in order to buy more BTC, so much so that Citigroup ended up downgrading its stock.

However, the stock’s stock market value is still very high, as it is still more than double what it was in July, when it was worth $120.

It had its first rise in August, when it rose to $140, but it was from November onwards that it literally took off, going from $160 to $340 in just one month.

A 112% increase in value in one month is a rare exception for a stock that has been publicly traded for over 20 years.

MicroStrategy Incorporated’s President and CFO, Phong Le, stated:

„The Company continues to believe that bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash. We also remain dedicated to our clients and our goal of running a profitable and growing business intelligence company. As we work to increase revenues through the HyperIntelligence®, Cloud Intelligence ™ and Embedded Intelligence ™ offerings, the Company expects to continue to generate positive operating income and free cash flow and will continue to evaluate the use of excess cash in accordance with our capital allocation strategy and treasury reserve policy.“