(Bloomberg) -- MicroStrategy Inc. bought approximately $786 million in Bitcoin with the proceeds raised from the sale of convertible notes. 

The company acquired 11,931 Bitcoin between April 27 and June 19, according to a filing Thursday with the US Securities and Exchange Commission. This is MicroStrategy’s third largest acquisition of Bitcoin following its $821 million purchase of 12,000 tokens on March 11. 

The company has repeatedly tapped the debt market to snap up more of the cryptocurrency this year, spending over $2.4 billion on Bitcoin in 2024 alone. 

The purchases raised MicroStrategy’s overall holdings to 226,331 Bitcoin, which are valued at about $14.9 billion. MicroStrategy has only spent $8.3 billion on the cryptocurrency, however, giving the company an 80% paper gain on its investments.

Michael Saylor, the chairman and co-founder of MicroStrategy, began buying Bitcoin in 2020 as an inflation hedge and alternative to holding cash. The cryptocurrency is up around 600% since Saylor began purchasing it.

The move to buy up Bitcoin has propelled the share price of MicroStrategy, which has skyrocketed more than 1,000% since Saylor’s decision. The stock wavered between gains and losses on Thursday while Bitcoin steadied.

--With assistance from Tom Contiliano.

(Updates with details throughout.)

©2024 Bloomberg L.P.