MicroStrategy, the bitcoin-focused firm led by billionaire Michael Saylor, announced on Tuesday that it acquired approximately $2.13 billion worth of bitcoin over the past eight days. The purchases occurred between January 12 and January 19, according to a regulatory filing.
The company bought roughly 22,305 bitcoin during that period. In an X post on Tuesday, Saylor stated that MicroStrategy now holds 709,715 bitcoin as of January 19.
Shares of the company declined about 6.6% as bitcoin dropped 2.4%. The stock's movement reflected its sensitivity to cryptocurrency price changes.
MicroStrategy said the bitcoin purchases were funded with proceeds from its at-the-market offering program. Earlier this month, the company reported an unrealized loss of $17.44 billion on its digital assets in the fourth quarter.
That loss resulted from a decrease in the value of its bitcoin holdings during the quarter. The paper loss has affected investor sentiment alongside sharp swings in the crypto market.
MicroStrategy, originally a software company, began buying and holding bitcoin in 2020.