The firm that earlier this year pledged to buy as much of the world’s most popular cryptocurrency as it could get its hands on just bought a whole lot more.

MicroStrategy, a publicly listed business intelligence company, confirmed Wednesday in an SEC filing that it bought 2,395 Bitcoins for $42.8 million. The news comes just one day after MicroStrategy CEO Michael Saylor shared his New Year plans with his followers on social media, tweeting that he would be “spending the first week of 2023 acquiring more Bitcoins.”

In August Saylor said he had “personally and substantially” bought more than 298,000 shares in his own company and added that he was also buying Bitcoin using his own money. Earlier this month MicroStrategy revealed it had purchased an additional 29,646 Bitcoins for about $650 million at an average price of roughly $21,925 each. Together with its prior purchases of some 16,796 Bitcoins and three other businesses that had already invested in the digital currency, MicroStrategy said it now holds approximately 70,470 Bitcoins.

MicroStrategy has not disclosed how it plans to use the coins or whether they will be sold for profit; however its acquisition is one of several high-profile transactions involving Bitcoin in recent months. Coinbase announced earlier this year that it had raised $100 million from Tiger Global Management and other investors. Saylor is one of many high-profile investors who have taken advantage of bitcoin’s sudden drop in price over the past several months. He reportedly purchased $40 million worth at the end of December 2019 when prices were near their lowest point that year.

In August Saylor said he had “personally and substantially” bought more than 298,000 shares in his own company and added that he was also buying Bitcoin using his own money

In August Saylor said he had “personally and substantially” bought more than 298,000 shares in his own company and added that he was also buying Bitcoin using his own money.

Saylor acknowledged earlier this year that he had made a mistake by investing so much of MicroStrategy’s assets into real estate—specifically office buildings—which were devastated by the 2008 financial crisis; the company lost two-thirds of its value within three months of listing its shares on the New York Stock Exchange. It has since rebounded but still trades near an all-time low reached during 2018’s crypto bloodbath

Together with its prior purchases of some 16,796 Bitcoins and three other businesses that had already invested in the digital currency, MicroStrategy said it now holds approximately 70,470 Bitcoins.

The announcement comes at a time when Bitcoin prices have dropped significantly after surging to almost $20,000 this year, but overall is down over 60% for the year. It’s also notable because the company is one of the first publicly traded firms to disclose their holdings of Bitcoin or any cryptocurrency.

What is MicroStrategy?

MicroStrategy is a business intelligence and analytics company that provides software platforms and services to help organizations analyze, visualize, and report on data. Its products include data analytics and visualization tools, a mobile business intelligence platform, and a cloud-based platform for data management and analytics. The company was founded in 1989 and is headquartered in Tysons Corner, Virginia, United States. It serves a wide range of industries, including healthcare, financial services, government, and retail.

Just who is Michael Saylor?

Michael Saylor is the CEO of MicroStrategy, a business intelligence and analytics company. He co-founded the company in 1989 and has served as its CEO since then. Under Saylor’s leadership, MicroStrategy has grown to become a leading provider of data analytics and visualization tools, with a global customer base in a variety of industries. Saylor is known for his expertise in business strategy and technology, and he has written several books on these topics. In recent years, Saylor has also gained attention for his views on cryptocurrency, as MicroStrategy has made significant investments in Bitcoin.