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Takeaways from the Key Notes
- MicroStrategy’s shares, which are the largest corporate holders of Bitcoin, are soaring in premarket trading on Monday as the cryptocurrency is trading for the very first time near $100,000.
- MicroStrategy ramped up acquisitions of the token this year—especially following Donald Trump’s November 5 election victory—as investors bet on a crypto-friendly administration and Congress.
- As of November 17, MicroStrategy had 331,200 Bitcoin.
MicroStrategy shares (MSTR), which are the largest corporate holders of Bitcoin (BTCUSD), jumped Monday morning in premarket trade as the cryptocurrency traded near $100,000 for the first.
After rising to around $99,800 on Friday afternoon, Bitcoin's price eased slightly in weekend trading and was trading at just above $98,000 Monday morning.
MicroStrategy has been purchasing Bitcoin, a cryptocurrency that was once used primarily by business software providers, since August 2020. It ramped up acquisitions of the token this year—especially following Donald Trump’s November 5 election victory—as investors bet on a crypto-friendly administration and Congress.
MicroStrategy Raised Funds To Buy Bitcoin
MicroStrategy reported that as of Nov. 17, it held 331 200 bitcoins, which were purchased at a total purchase price of $16.5 billion, and an average price of $49,874 for each token.
At current prices, this would be worth $32 billion.
MicroStrategy uses convertible bonds and share sales to fund the purchase of Bitcoin.
MicroStrategy stock is up 5.4% on premarket trades and has gained over 500% so far this year. They are up almost 90% since Trump’s victory in the U.S. elections on Nov. 5.
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