:max_bytes(150000):strip_icc()/GettyImages-2089840426-05dd6a599af242a1a87b40bb27660a84.jpg?w=1500&resize=1500,1037&ssl=1 "MicroStrategy Stock Jumps as Bitcoin Trades Near 0K | Global News Avenue")
MicroStrategy Stock Jumps as Bitcoin Trades Near $100K
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Main points
- Shares of MicroStrategy, the largest corporate holder of Bitcoin, surged in pre-market trading on Monday as Bitcoin traded close to the $100,000 mark for the first time.
- MicroStrategy has stepped up its acquisition of the token this year, especially after Donald Trump’s Nov. 5 election victory as investors bet on a crypto-friendly administration and Congress.
- As of November 17, MicroStrategy held 331,200 Bitcoins.
MicroStrategy Stock (Magnetic transmission technology), the largest legal holder Bitcoin (Bitcoin USD), with gains in pre-market trading Monday as cryptocurrencies trade Close to the $100,000 mark first.
After rising to around $99,800 on Friday afternoon, Bitcoin prices retreated slightly in weekend trading, trading just above $98,000 on Monday morning.
MicroStrategy, once primarily a business software provider, has been buying Bitcoin ever since August 2020. This year, especially after Donald Trump won the election, the company stepped up its acquisition of the token as investors bet on Crypto-friendly management and Congress.
MicroStrategy has been raising funds to buy Bitcoin
As of November 17, MicroStrategy Holds 331,200 BitcoinsThe company said the total acquisition price was approximately $16.5 billion, with the average purchase price per token being approximately $49,874, including fees.
At current prices, it’s worth at least $32 billion.
MicroStrategy has been tapping capital markets through stock sales and convertible debt transactions to fund its Bitcoin purchases.
MicroStrategy shares rose 5.4% in premarket trading, bringing their gains this year to more than 500%. Shares have risen nearly 90% since Trump won the U.S. election on November 5.
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