MicroStrategy Resumes Bitcoin Buying Spree, Boosting Cryptocurrency Market

MicroStrategy's latest move has sent shockwaves through the cryptocurrency market. After selling off 32 Bitcoin last week, the company surprised investors by resuming its buying spree. In a filing with the US Securities and Exchange Commission, MicroStrategy disclosed that it purchased 1,550 Bitcoin between June 1 and June 7 for approximately $101.3 million.

The acquisition was made at an average price of $65,332 per token, which is significantly lower than its previous sales. This move has boosted the company's stock by about 5.4% on Monday, with other crypto-related stocks also moving higher. Coinbase Global gained 5.7%, Robinhood Markets rose 2.7%, and stablecoin issuer Circle Internet Group added 2.5%.

Bitcoin itself recovered after falling below the $60,000 level last week, rising roughly 3% over the past 24 hours to trade around $63,700. Ethereum and Solana also posted gains of more than 3%. MicroStrategy's decision to resume buying is seen as a vote of confidence in the cryptocurrency market, which has struggled to regain momentum.