Bitcoin Hits 89K as MicroStrategy Invests Another 2 Billion in BTC
With Donald Trump’s victory in the US presidential election, the price of Bitcoin has been reaching new highs, and the entire cryptocurrency market is on the rise. The stock prices of Bitcoin ETFs and cryptocurrency-related companies such as MicroStrategy and Coinbase have seen astonishing gains. MicroStrategy has once again added 27,200 Bitcoins to its holdings, bringing the total to 279,420 Bitcoins, with an average cost of $42,692, effectively doubling its assets.
Bitcoin Surges and Hits New Highs Daily
Since Trump’s confirmation as the next President of the United States, his favorable stance towards cryptocurrencies and the possibility of relaxed regulations have caused the entire cryptocurrency market to surge. Bitcoin experienced an astonishing surge last night, reaching a high of $89,530, once again setting a new all-time high.
“Bitcoin Industry Complex” Performs Remarkably
With Bitcoin soaring above $89,000 for the first time, the spot Bitcoin ETF, IBIT, managed by BlackRock, achieved a daily trading volume of $4.5 billion, breaking the record. According to Bloomberg ETF analyst Eric Balchunas, the “Bitcoin Industry Complex,” which includes Bitcoin ETFs, MicroStrategy, and Coinbase, generated a staggering daily trading volume of $38 billion.
MicroStrategy Increases Bitcoin Holdings Again
Michael Saylor, the founder of MicroStrategy and a faithful Bitcoin believer, announced last night that MicroStrategy has once again added 27,200 Bitcoins to its holdings at an average price of $74,463. The company now holds a total of 279,420 Bitcoins, with a total investment of $11.9 billion and an average cost of $42,692. With the current price of $88,000, the assets have effectively doubled.
According to their press release, the Bitcoin purchases were made between October 31, 2024, and November 10, 2024, with funds from the issuance and sale of new shares amounting to $2.03 billion. MicroStrategy announced its “21/21 Plan” at the end of October, aiming to increase its capital by $42 billion over the next three years, including $21 billion in equity and $21 billion in fixed-income securities, to further support its Bitcoin acquisitions as part of its treasury reserve strategy.
MicroStrategy’s stock price (MSTR) surged 25% yesterday, reaching a new all-time high. It has risen by 390% year-to-date.
(Note: MicroStrategy’s $21 billion new stock plan surpasses Tesla; 21 is the magical number in the Bitcoin world)
