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A major Bitcoin investment fund just announced a ten-figure buy of the cryptocurrency. MicroStrategy Inc. said Monday that it spent the the first weeks of November stockpiling the digital asset, and its shares are up 17% in Monday trading.
“The Company today announced that, during the period between October 31, 2024 and November 10, 2024, the Company acquired approximately 27,200 bitcoins for approximately $2.03 billion in cash, at an average price of approximately $74,463 per bitcoin, inclusive of fees and expenses,” it said in a statement announcing the acquisition.
Since Bitcoin is now trading at a record $84,000, that average price would already represent a 13% appreciation. MicroStrategy stock took a hit after announcing that it would be raising $42 billion to go on a crypto buying spree, but since that day its stock is up more than 28%. It is now holding 279,420 Bitcoins.
Bitcoin has surged in the days after the election of Donald Trump to the presidency of the United States. At a Bitcoin conference before the election, Trump promised to fire SEC Chair and cryptocurrency critic Gary Gensler as soon he was sworn in. He also pledged to establish a national Bitcoin reserve. And Mark Uyeda, a current SEC commissioner that some have pegged as a possible Gensler replacement, has said that the agency’s “war on crypto” will be coming to an end.
—Vinamrata Chaturvedi contributed to this article.
