The acquisitions added 5,455 bitcoins between August 1 and September 24, extending the company’s bitcoin accumulation to 158,245 tokens

Software company MicroStrategy spent $147.3 million on bitcoin purchases over the past two months, using stock sales to help finance the investment, according to a Securities and Exchange Commission filing.

The acquisitions added 5,455 bitcoins between August 1 and September 24, extending the company’s bitcoin accumulation to 158,245 tokens. Apart from fees and expenses, these were purchased at an average price of $27,053. To finance the $150 million bitcoin purchase, the firm sold 403,362 shares.

On Tuesday, bitcoin dropped 0.5% to $26,169. Based on current market prices, MicroStrategy’s total bitcoin holdings are equal to more than $4.1 billion.

In early August, MicroStrategy co-founder Michael Saylor touted the possibility of cashing in shares to acquire more tokens. A long-time bull on bitcoin, Saylor forecasted in June that the coin’s dominance would double under the Securities and Exchange Commission’s clampdown on other sectors of the crypto market.

Our goal is to accumulate as much bitcoin as we can on behalf of our shareholders, Saylor told Bloomberg in August.

An earlier filing from that month suggested that MicroStrategy could sell up to $750 million in stock to fund its bitcoin acquisition. Stock sales were also used in July, when the company purchased more than 12,000 bitcoins.

But since its July peak, the token’s price has plunged nearly 13%, declining from more than $31,000. In the same timeframe, Microstrategy stock has dropped 20%.

Earlier in the year, a 72% rally in bitcoin helped MicroStrategy achieve its first profitable quarter in more than two years. The firm began building its bitcoin trove in 2020, and had to take a large writedown after the token slumped in 2022.