MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.
Saylor has been one of a handful of chief executives to put Bitcoin on their balance sheets, saying the relaxation of the Federal Reserve’s inflation policy helped to sour him on cash. The company has even issued convertible bonds to help finance its purchases of the coins. Square Inc. and Tesla Inc. have also made purchases.
Shares of MicroStrategy rose 2.6% to $769.80 as of 9:53 a.m. in New York. The stock has surged almost 500% in the past year. Bitcoin gained 6.5% to $48,176, after quadrupling in 2020.