MicroStrategy Inc. purchased 18,300 Bitcoin for around $1.11 billion, the largest acquisition of the digital asset by the crypto hedge-fund proxy in more than three years.

MicroStrategy plans to issue $700M in convertible notes to redeem older debts and increase its Bitcoin holdings.

Software firm MicroStrategy acquired bitcoin worth $1.11 billion between Aug. 6 and Sept 12, boosting its total holdings of the world's biggest cryptocurrency to roughly $9.45 billion.

MicroStrategy purchased an additional 18,300 bitcoins for $1.11 billion, boosting its total Bitcoin trove to 244,800 BTC acquired for $9.45 billion. The company continues its Bitcoin accumulation strategy,

Micro Strategy, the popular business intelligence company, invested over $1.1 billion in shares in Bitcoin purchases in just five weeks.