On Monday (December 21), Nasdaq-listed business intelligence software company MicroStrategy Inc. (NASDAQ: MSTR) revealed that it had invested another $650 million in Bitcoin.

On August 11, MicroStrategy announced via a press release that it had “purchased 21,454 bitcoins at an aggregate purchase price of $250 million” to use as a “primary treasury reserve asset.”

 Michael J. Saylor, Co-Founder, Chairman, and Chief Executive Officer of MicroStrategy, said at the time:

“Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively.”

Then, on September 14, MicroStrategy disclosed by filing a “Form 8-K“ that it had adopted a new Treasury Reserve Policy, as the result of which its Bitcoin holdings “may increase beyond the $250 million investment that the Company disclosed on August 11, 2020.”

The next day, Saylor provided an update on his company’s investment in Bitcoin:

On December 4, Saylor disclosed that MicroStrategy has invested more of its cash in Bitcoin, this time buying 2,574 bitcoins at a cost of roughly $19,427 per bitcoin.

Then, on December 11, MicroStrategy issued a press release to announce “the closing of its previously announced offering of 0.750% convertible senior notes due 2025”, and went on to say that “the aggregate principal amount of the notes sold in the offering was $650 million.”

Well, it appears that MicroStrategy used all of this $650 million to buy more bitcoins:

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