MicroStrategy Inc. bought $1.1 billion of Bitcoin, as the company gears up for a shareholder vote on a 30 times increase its authorized Class A shares.

MicroStrategy shareholders approved an increase in Class A common shares. Authorized preferred stock shares will also rise. The proposals passed with 56% approval, bolstered by

Microstrategy has increased its Bitcoin holdings after completing a recent purchase involving 11,000 Bitcoin. The company announced on Tuesday it had purchased the digital assets for an approximate price of 1.