Shares in MicroStrategy (MSTR), the largest corporate holder of Bitcoin (BTCUSD), are jumping Monday in premarket trading, as the cryptocurrency trades near the $100,000 mark for the first time.
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, once primarily a business software provider, has been buying Bitcoin 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.
As of Nov. 17, MicroStrategy held 331,200 bitcoin, which the company said were acquired at an aggregate purchase price of about $16.5 billion and an average purchase price of around $49,874 per token, inclusive of fees.
That would be worth at least $32 billion at current prices.
MicroStrategy has been tapping the capital markets with share sales and convertible bond deals to fund its purchases of Bitcoin.
MicroStrategy shares are trading up 5.4% in premarket trading, and have gained more than 500% this year. They have risen almost 90% since Nov. 5, when Trump won the U.S. election.
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