MicroStrategy resumes Bitcoin buying spree as price rebounds above $100,000
Laser-eyed Michael Saylor can't get enough of the world's largest cryptocurrency.
Just as the Bitcoin fell amid a broader plummet in the stock market, Michael Saylor came to crypto’s — temporary — rescue.
MicroStrategy announced today that it had bought more than 10,100 Bitcoin for approximately $1.1 billion in cash.
The company’s Bitcoin stockpile now amounts to over 470,000 of the cryptocurrency.
While nominally a software company that caters towards large enterprises, MicroStrategy has become a market darling for its Bitcoin buying sprees.
After the firm publicized its most recent purchase, the price of the world’s largest cryptocurrency gained 2.5% in about an hour and briefly rebounded above $100,000.
The price of Ether, the world’s second largest cryptocurrency, also jumped in tandem with Bitcoin, gaining about 2% to just above $3,100.
AI jitters
Bitcoin’s momentary rally comes amid a bloodbath in the broader stock market.
The Nasdaq-100 and SP 500 US market indexes are down 3.1% and 1.8%, respectively.
Market pessimism follows reports that Chinese AI lab DeepSeek has developed AI models that rival OpenAI’s at a fraction of the cost.
On Apple’s App Store, DeepSeek’s app has overtaken ChatGPT as the top free iPhone app.
AI chipmaker Nvidia, one of the world’s most valuable companies, saw its shares plunge almost 11% in New York trading.
Other tech stalwarts that have crowed about their recent AI investments have also seen steep declines in their share prices.
Alphabet’s stock posted a 3.5% decline. Amazon fell 3%, while Meta slipped 3.1%.
Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email at bweiss@dlnews.com.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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