MicroStrategy announced it had allocated $1 billion to Bitcoin last week, acquiring 19,452 BTC. It bought the Bitcoin at an average price of $52,765 per coin. 

The firm raised funds for its latest purchase through a bond offering, which had to be boosted in size. It offered investors a 0% coupon bond to raise up to $1.05 billion in order to buy more Bitcoin. 

Shares in MicroStrategy rose as high as 13% in trading following the announcement, according to Bloomberg. The price of Bitcoin also rebounded to around the $50,000 mark following a steep drop on Feb. 23 to as low as $45,459, according to Messari data. 

Bitcoin price Feb. 22-25, 2021.

Bitcoin's price fell as low as $45,459 and rebounded following the MicroStrategy announcement.

MicroStrategy now holds 90,531 Bitcoin, worth about $4.5 billion at today's prices. It has spent $2.17 billion buying those assets, meaning it has doubled its money since pursuing its strategy last summer. 

The firm's chief executive Michael Saylor said in a statement "acquiring and holding bitcoin" is one of the firm's two major corporate strategies. The other being growing its original business of enterprise analytics software. 

Saylor said the company will continue to seek Bitcoin acquisitions for its balance sheet using its own cash, or by raising funds from investors through new debt or equity. 

"We will continue to pursue our strategy of acquiring bitcoin with excess cash," he said. 

MicroStrategy's announcement comes after payments firm Square revealed it added $170 million in Bitcoin to its balance sheet in a regulatory filing. Square has now spent $220 million on the cryptocurrency.