Rounding up a string of big Bitcoin bets made this year, the publicly-traded business intelligence company MicroStrategy has announced that it’s spent an additional $650 million to buy bitcoins, summing up its haul this year to more than $1 billion. 

This year, MicroStrategy acquired 70,470 bitcoins for an average price of $15,964 and aggregate purchase price of $1.1 billion. It happens that this year has been a very good one for bitcoin, wherein its price has soared to a record $23,910 as of December 21, 2020, making MicroStrategy’s 70,470 bitcoins worth nearly $1.8 billion compared to the $1.1 billion it spent to purchase them.

MicroStrategy is breaking the mold as one of the first publicly-traded companies to adopt bitcoin as a value-hold, spending more than $1.1 billion on the cryptocurrency this year. The big bet is spearheaded by the company’s longtime CEO, Michael Saylor, who himself has also spent big on Bitcoin, holding a self-reported haul of nearly 18,000 bitcoins.

This year, MicroStrategy set a standard by selling $650 million in corporate bonds exclusively to buy bitcoin, making it one of the first companies ever to sell bonds used solely to purchase cryptocurrency. The company initially set a target of $400 million but topped it with an extra $250 million after seeing outsized demand. 

MicroStrategy is joined by a few other publicly-traded and institutional companies that have bet big on Bitcoin this year, including the payments company Square, which bought $50 million worth of bitcoins in October and the insurance giant MassMutual, which bought $100 million worth of bitcoins just this month.

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