Bitcoin Buying Spree: MicroStrategy's Big Bet on Crypto

In the days following the U. S. presidential election, Bitcoin has seen a significant surge. This is partly due to promises made by President-elect Donald Trump to support cryptocurrency. One major player in this space is MicroStrategy, which has been on a Bitcoin buying spree. In early November, MicroStrategy announced it had purchased around 27, 200 Bitcoins. This was done at an average price of about $74, 463 per Bitcoin, totaling approximately $2. 03 billion. Since then, Bitcoin's value has climbed even higher, reaching a record $84, 000. This means MicroStrategy's investment has already appreciated by about 13%. Despite initial concerns about raising $42 billion for crypto purchases, MicroStrategy's stock has risen by more than 28% since the announcement. The company now holds a total of 279, 420 Bitcoins. The increased interest in Bitcoin is likely influenced by Trump's pro-crypto stance. Before the election, he pledged to replace the current SEC Chair with someone more favorable to cryptocurrency. He also promised to establish a national Bitcoin reserve, which could further boost the market. Some are speculating that current SEC Commissioner Mark Uyeda could replace Gary Gensler, who has been critical of cryptocurrency. Uyeda has hinted that the SEC's tough stance on crypto may be changing.