Bitcoin hits $89K! MicroStrategy invests another $2 billion to buy more BTC

Following Donald Trump's victory in the U.S. presidential election, the price of Bitcoin has been hitting new highs daily, with the entire cryptocurrency market on the rise. Stocks of Bitcoin ETFs and cryptocurrency-related companies such as MicroStrategy and Coinbase have seen remarkable gains. MicroStrategy has once again increased its holdings by 27,200 Bitcoins, now owning a total of 279,420 Bitcoins with an average cost of $42,692, doubling its assets.

Bitcoin Surges to New Highs Daily

Since Donald Trump confirmed his presidency, his friendly stance on cryptocurrency and the possibility of relaxed regulations have caused a surge in the overall cryptocurrency market. Bitcoin soared last night with astonishing momentum, reaching as high as $89,530 at one point, setting a new all-time high.

"Bitcoin Industry Complex" Shows Remarkable Performance

As Bitcoin surged above $89K for the first time, BlackRock's spot Bitcoin ETF IBIT once again achieved a daily trading volume of $4.5 billion. Bloomberg ETF analyst Eric Balchunas calculated the "Bitcoin Industry Complex," including Bitcoin ETFs, MicroStrategy, and Coinbase, reaching a staggering daily trading volume of $38 billion, setting a new record.

MicroStrategy Increases Bitcoin Holdings Again

Michael Saylor, a loyal Bitcoin believer and the founder of MicroStrategy, 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 279,420 Bitcoins, having spent a total of $11.9 billion with an average cost of $42,692. With the current price of $88K, the asset has doubled in value.

According to their press release, this Bitcoin purchase took place between October 31, 2024, and November 10, 2024, funded by the issuance and sale of new shares totaling $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 acquisitions as part of their treasury reserve strategy.

MicroStrategy's $21 billion new stock plan surpasses Tesla, and 21 is the magical number in the Bitcoin world.

MicroStrategy's MSTR stock price surged 25% yesterday, hitting a new all-time high, and has risen by 390% so far this year.