The company purchased 6,220 bitcoins for $739.8 million, increasing its holdings to 607,770 bitcoins, representing about 3.05% of the roughly 19.9 million tokens in issue. Strategy has been using a combination of common and preferred stock, as well as debt, to fund its bitcoin purchases since it began accumulating the cryptocurrency as an inflation hedge in late 2020.

Michael Saylor's Strategy now owns more than 3% of all Bitcoin ever issued , following the crypto treasury's latest purchase of the original cryptocurrency.

MicroStrategy Inc. purchased 6,220 bitcoins worth $739.8 million in the seven days ended July 20, according to a filing with the U.S. Securities and Exchange Commission on Monday. That brings the Tysons Corner, Va.-based company’s holdings to 607,770 bitcoins, or about 3.05% of the roughly 19.9 million tokens in issue. The total value of the holdings is about $72 billion.

Strategy has been using a combination of common and preferred stocks, as well as debt, to finance its Bitcoin purchases since it began accumulating the cryptocurrency in late 2020 as an inflation hedge. Dozens of companies have adopted the practice. Strategy is the world’s leading corporate owner of Bitcoin. BlackRock’s iShares Bitcoin Trust (IBIT) ETF has about $86 billion in assets.

While the unlimited supply of some other tokens has caused concern among investors, Bitcoin’s store of value proposition has been supported by a mining cap of 21 million tokens. Instructions in the network’s source code, such as the quadrennial halving events that automatically reduce the size of miners’ rewards, have further promoted the idea of token scarcity.

Strategy separately announced Monday that it plans to issue 5 million Series A floating-rate perpetual preferred shares to fund additional bitcoin purchases. This is the company's fourth series of preferred shares.

Strategy’s common stock has risen more than 3,500% since Saylor, the company’s founder and executive chairman, began buying bitcoin. The cryptocurrency has risen about 1,100% over the same period, while the S&P 500 has risen about 120%.