MicroStrategy just added over a billion dollars worth of bitcoin to its treasury.

Microstrategy announced on Wednesday that it had purchased 19,452 bitcoin for just over $1 billion, working its reserves up to 90,531 bitcoin—equivalent to about $4.5 billion as of press time. Commenting on the announcement, the firm's CEO Michael Saylor explained that growing the corporate Bitcoin reserves is a central part of MicroStrategy's operations:

The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding Bitcoin. The company now holds over 90,000 Bitcoins, reaffirming our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value.

Saylor also noted that his company intends to buy even more bitcoin with its excess liquidity in the future, possibly also by raising funds through the issuance of debt or equity securities again. Just a few days ago, the company completed an offering of $1.05 billion of convertible senior notes to buy more bitcoin.

Not everyone appreciates MicroStrategy's financial management decisions. Just as the company bought approximately 295 bitcoins for $10.0 million in cash at the beginning of the month, analysts at investment banking giant Citi maintained their sell rating for MicroStrategy shares despite a 150% rise in their prices after previously bashing the firm's "disproportionate focus on Bitcoin." Despite the criticism received by the company, Phong Le, MicroStrategy's chief financial officer and president, expressed confidence in the strategy:

We believe our Bitcoin strategy, including our Bitcoin holdings and related activities in support of the Bitcoin network, is complementary to our software business, by enhancing awareness of our brand and providing opportunities to secure new customers.
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