Business intelligence firm MicroStrategy is continuing its Bitcoin allocation strategy, this time acquiring over 18,000 BTC.

MicroStrategy, one of the largest corporate crypto holders in the world, announced in a press release on Friday, Sept. 13, that it acquired an additional 18,300 Bitcoins (BTC) for approximately $1.11 billion at an average price of $60,408 per BTC. According to the regulatory filing, the company acquired Bitcoin between Aug. 6 and Sept. 12.

With the latest transaction, the Virginia-headquartered company now holds approximately 244,800 BTC, which were acquired at an aggregate purchase price of approximately $9.45 billion and an average purchase price of around $38,585 per BTC, inclusive of fees and expenses, the filing reads.

Shares of MicroStrategy rose 0.3% in pre-market trading following the news, according to Nasdaq data.

MicroStrategy controls over 1% of Bitcoin

This marks another significant Bitcoin purchase by the company in 2024, following a 12,000 BTC acquisition in June and 9,245 BTC in March. The firm now holds over 1% of Bitcoin’s fixed supply of 21 million.

In August, MicroStrategy indicated plans to raise up to $2 billion by selling Class A shares to fund its crypto strategy. While the exact timeline for selling these shares was not disclosed, the filing reads that the proceeds will be used for “general corporate purposes, including the acquisition of Bitcoin.”

The company did not specify how much of the proceeds will be used for Bitcoin purchases, stating it has not determined the amount of net proceeds “to be used specifically for any particular purpose.”

MicroStrategy has consistently used share sales to fund its Bitcoin purchases. In late 2023, the company sold $750 million worth of shares with the intention of buying more Bitcoin. Subsequent reports confirmed multi-million dollar acquisitions of the cryptocurrency, reinforcing its commitment to its Bitcoin-centric strategy.