(Bloomberg) -- MicroStrategy Inc. chairman and co-founder Michael Saylor placed one of his biggest bets yet, with the enterprise-software maker turned Bitcoin investment-fund proxy purchasing $593.3 million more of the largest cryptocurrency.

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The Tysons Corner, Virginia-based firm said in a filing Thursday that it bought 16,130 Bitcoin in November, raising its holdings to roughly $6.5 billion. It was the company’s biggest purchase since it bought 19,452 Bitcoin for just over $1 billion in February 2021.

Saylor started buying Bitcoin in 2020, and has ramped up purchases this year as the cryptocurrency recovered from a year of losses caused by rising rates and some high-profile crypto implosions and bankruptcies. Saylor stepped down from the chief executive role a year ago, saying he would focus on the Bitcoin aspect of the company’s now dual strategy.

MicroStrategy’s shares have surged 250% this year, outperforming Bitcoin as it rallied more than 125% amid optimism the US may soon approve an exchange-traded fund that invests directly in the cryptocurrency. That has helped to allay concern that an ETF will diminish demand for the stock.

“If/when we get a Bitcoin ETF, it will raise the interest in the asset class,” said Matthew J. Maley, chief market strategist at Miller Tabak + Co. “There shouldn’t be a lot of cannibalization.”

MicroStrategy also entered into an agreement with Cowen and Company, Canaccord Genuity and BTIG to offer up to $750 million of common stock. The company initially announced plans to raise the amount through share sales in August, saying proceeds would be used for purposes such as Bitcoin purchases, working capital and the repurchase of debt.

--With assistance from Tom Contiliano.

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