Bitcoin prices rose Monday to their highest levels in eight months, and Strategy Inc., the largest corporate holder of Bitcoin, purchased about $76 million worth of the cryptocurrency last week.
Bitcoin rose 5.6% to $84,947, according to CoinDesk. The cryptocurrency traded as high as $85,166 intraday, its highest since Jan. 29. Bitcoin also was on pace for its highest price level since Jan. 28, when it traded at $89,004.47, according to Dow Jones Market Data.
Crypto stocks advanced along with the cryptocurrency. Strategy rose 9%; Coinbase, BitMine up around 6%; SBET, RIOT up around 4%; Hut 8 up 3%.
Strategy said in a regulatory filing Monday it acquired 950 Bitcoin last week for a total of $75.7 million. It was the company's first Bitcoin purchase in about three weeks. The company, formerly known as MicroStrategy, said the average purchase price was $79,670 each. Strategy currently holds 846,000 Bitcoin that were acquired at an average purchase price of about $75,416 a piece.
It's been a good run for Bitcoin prices, seemingly against all the odds. Prices of the cryptocurrency have risen four of the past five days and have advanced more than 7% this month.
That performance has come even as the Clarity Act collapsed and the Federal Reserve boosted interest rates. But the world's largest cryptocurrency has shown resilience as the Securities and Exchange Commission last week issued temporary exemptions that would make it easier to offer tokenized stocks to investors.
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