Bitcoin Price Tops $84,000 For First Time As MicroStrategy Buys Up Shocking $2 Billion In BTC
Bitcoin (BTC) lifetime high? It keeps happening over and over again the past week. Today, it blasted above the $84,000 mark for the first time ever as a record-breaking crypto-wide upsurge continued. CoinGecko data shows that the leading cryptocurrency touched a high of $84,911, up 6.5% on the day.
Bitcoin’s bullish price action has continued in the wake of crypto-friendly Republican Donald Trump’s election for the second term as president of the U.S.
Meanwhile, Michael Saylor’s MicroStrategy, the world’s largest corporate holder of the flagship cryptocurrency, has purchased another 27,200 BTC for a whopping $2 billion.
MicroStrategy Now Holds $23 Billion Worth Of BTC
Michael Saylor’s Bitcoin development firm MicroStrategy announced on Monday it had bought 27,200 Bitcoin between October 31 and November 10, 2024, at a cost of approximately $2.03 billion — signalling a strong commitment to the cryptocurrency. The Tysons Corner, a Virginia-based company, paid an average price of $74,463 per coin.
The latest purchase brings MicroStrategy’s total Bitcoin cache to 279,420 BTC, worth around $23 billion at current market prices. MicroStrategy spent roughly $11.9 billion to acquire its BTC, meaning it is currently sitting on profits of $11.1 billion.
MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per #bitcoin and has achieved BTC Yield of 7.3% QTD and 26.4% YTD. As of 11/10/2024, we hodl 279,420 $BTC acquired for ~$11.9 billion at ~$42,692 per bitcoin. $MSTR https://t.co/uCt8nNUVqd — Michael Saylor
(@saylor) November 11, 2024
MicroStrategy revealed that the latest BTC acquisition was made using proceeds from issuing and selling its shares. The company reportedly signed sales agreements with multiple financial institutions, including TD Securities, Barclays Capital, and BTIG, on Aug. 1 and Oct. 30. As of Nov. 10, MicroStrategy had sold roughly $7.8 million shares for around $2 billion.
MicroStrategy reported that the company’s Bitcoin yield—a crucial performance metric assessing its BTC acquisition strategy—is 7.4% thus far this quarter and around 26.4% year-to-date.
The news follows Bitcoin’s parabolic run boosted by strong demand for dedicated U.S. spot BTC exchange-traded funds, Federal Reserve interest rate cuts, and Trump’s Nov. 6 landslide election win.
The rising BTC price has buoyed the price of several other cryptocurrencies. Cardano’s ADA, for instance, has been on a roll after founder Charles Hoskinson declared his plan to lobby the Trump administration for favorable crypto policy.
As to whether Bitcoin will ever soon hit the oft-predicted $100,000 price target remains to be seen.