MicroStrategy buys 27,200 bitcoins for $2 billion as crypto prices surge
qz.com —
MicroStrategy Inc. announced it purchased about 27,200 bitcoins for $2.03 billion between October 31 and November 10, 2024. This acquisition raised its total holdings to 279,420 bitcoins. The company's stock rose 17% following the announcement. Bitcoin is currently trading at a record $84,000, reflecting a 13% increase from MicroStrategy's average purchase price of $74,463 per bitcoin. The company's stock has gained over 28% since it revealed plans to raise $42 billion for further crypto investments. The surge in Bitcoin prices follows Donald Trump's election victory, during which he promised to replace SEC Chair Gary Gensler and end the agency's strict stance on cryptocurrencies.