Enterprise intelligence firm MicroStrategy has added to its Bitcoin (BTC) stash, with a purchase order of 29,646 BTC for a complete of $650 million, a median of round $21,925 per Bitcoin

CEO Michael Saylor tweeted the information instantly following a pullback in worth to $22,247, though it’s unclear whether or not the acquisition coincided with this occasion.

MicroStrategy introduced its intention to purchase extra Bitcoin earlier this month with a $400 million debt safety sale to lift funds for the acquisition. The bond sale in the end introduced in $650 million, which has now been used to purchase Bitcoin as promised.

The corporate is now holding a complete of 70,470 BTC, purchased at a median worth per Bitcoin of $15,964. This makes it the fifth-largest particular person hodler of Bitcoin, one place forward of the USA authorities, which reportedly owns 69,420 BTC.

MicroStrategy began its Bitcoin journey in August with a buy of 21,000 BTC for $250 million. On the time, the corporate said that its intention was to undertake Bitcoin as its major reserve forex as a hedge towards U.S. greenback inflation.

This was adopted by additional purchases, together with a $425 million acquisition in September,  which had been carried out via Coinbase’s over-the-counter desk.

Most lately, Saylor inspired fellow billionaire Elon Musk to observe his lead and use BTC to switch the U.S. greenback as Tesla’s major reserve forex. This might encourage different S&P 500 companies to observe go well with, argued Saylor, compounding the advantages of the transfer.