With Donald Trump’s victory in the US presidential election, the price of Bitcoin has been reaching new highs every day, and the entire cryptocurrency market is rising. Spot Bitcoin ETFs and cryptocurrency-related companies such as MicroStrategy and Coinbase have seen astonishing increases in their stock prices. 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, doubling its assets.
Bitcoin Surges and Reaches New Highs Every Day
Since Trump’s confirmation as the President, his friendliness towards cryptocurrencies and the possibility of loosening regulations have caused the overall cryptocurrency market to rise in unison. Bitcoin surged last night with astonishing momentum, reaching a new all-time high of $89,530.
“Bitcoin Industrial Complex” Shows Amazing Performance
As Bitcoin soared above 89K for the first time, BlackRock’s spot Bitcoin ETF, IBIT, once again achieved a daily trading volume of $4.5 billion. The “Bitcoin Industrial Complex,” as analyzed by Bloomberg ETF analyst Eric Balchunas, which includes Bitcoin ETFs, MicroStrategy, and Coinbase, reached a daily trading volume of up to $38 billion, creating a frenzy.
MicroStrategy Increases Bitcoin Holdings
Michael Saylor, the founder of MicroStrategy and a faithful believer in Bitcoin, announced last night that the company 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 expenditure of $11.9 billion and an average cost of $42,692. At the current price of 88K, the assets have already doubled.
According to their press release, this Bitcoin purchase was conducted between October 31, 2024, and November 10, 2024, with funds raised 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 capital by $42 billion over the next three years, including $21 billion in equity and $21 billion in fixed-income securities. This plan will further support their Bitcoin acquisition as part of their treasury reserve strategy.
(MicroStrategy’s $21 billion new stock plan surpasses Tesla; 21 is the magical number in the Bitcoin world)
MicroStrategy’s stock price surged 25% yesterday, reaching a new all-time high, and has risen by 390% year-to-date.
(Note: The article contains images that were not translated.)