At the time of the sharp rise in Bitcoin, MicroStrategy (MSTR.US) purchases a near four-year high in the quantity of coins.

MicroStrategy (MSTR.US) bought around 27,200 bitcoins at a price of approximately $2.03 billion, marking its largest single purchase since the crypto hedge fund agency started acquiring bitcoins over four years ago. According to a statement on Monday, the enterprise software manufacturer purchased these tokens between October 31 and November 10, and their corporate strategy now includes buying cryptocurrency. This is the largest amount of tokens purchased since the company announced the acquisition of 29,646 bitcoins in December 2020. MicroStrategy co-founder and chairman Michael Saylor decided to invest in bitcoin in 2020 as a hedge against inflation. The company initially used cash for acquisitions and has since turned to using proceeds from issuing and selling stocks and convertible bonds to enhance its purchasing power. Since mid-2020, this strategy, along with the rapid rise in the value of bitcoin, has helped MicroStrategy outperform all major U.S. stocks, including AI leader NVIDIA Corporation (NVDA.US). Since August 2020, MicroStrategy's stock has risen by over 2500%. Meanwhile, bitcoin has risen by about 660%. Based on the price of bitcoin exceeding $86,500 on Monday, this latest acquisition has increased MicroStrategy's bitcoin holdings to around $24 billion. On Tuesday, the price of bitcoin continued to rise, breaking through the $89,000 mark, up 12% on the day; Ethereum also rose more than 7% to $3,371.79, up 30% in the past week. Support from U.S. President-elect Trump for this asset class has propelled the development of bitcoin. MicroStrategy is the largest publicly traded holder of bitcoin outside of the U.S. exchange-traded fund (ETF) under BlackRock, Inc. As of November 10, the Virginia-based company and its subsidiaries hold approximately 279,420 bitcoins, with a total purchase price of around $11.9 billion, resulting in an average acquisition price per bitcoin of around $42,692 including fees and expenses. On Monday, the company's stock price soared by 24% to a record high of $335. This surpasses the previous all-time high set in March 2000 when MicroStrategy was one of the most popular stocks during the internet bubble. In December 2000, three MicroStrategy executives agreed to pay $11 million to settle fraud charges by the U.S. Securities and Exchange Commission (SEC), alleging that they had inflated the company's financial performance for 21 months. Saylor was one of the executives involved.