#SaylorBTCPurchase Michael Saylor's strategy bought $1.9 billion in Bitcoin, the largest acquisition of the cryptocurrency in terms of tokens by the firm this year.

The purchase, the latest in a series of almost weekly acquisitions of the cryptocurrency since late October, increased the digital asset holdings of the dot-com era software manufacturer, turned leveraged proxy of Bitcoin, to approximately $43.4 billion. This represents about 2.5% of the 21 million tokens that will be issued.

Former MicroStrategy acquired 22,048 Bitcoin at an average price of approximately $86,969 from March 24 to 30, according to a filing with the U.S. Securities and Exchange Commission on Monday.

In the first quarter, the Virginia-based company invested $7.79 billion in Bitcoin, according to data compiled by Bloomberg. The next largest purchase, in terms of tokens, was 20,356, announced on February 24. Strategy announced nine purchases during the first quarter.

Strategy financed the latest purchase with funds obtained through its ordinary stock sale program in the market and preferred stock offerings.

Strategy's ordinary shares have increased by approximately 2200% since Saylor began investing the company's cash in Bitcoin as a hedge against inflation in 2020. Bitcoin has risen more than 600% during the same period.

Hedge funds have been driving some of the demand for convertible debt that has been distributed in public offerings, as they seek strategies for trades that incorporate buying bonds and selling stocks short, essentially betting on the volatility of the underlying stocks.