Bitcoin Is at Its Highest Price Since January. Strategy Buys the Cryptocurrency.

Bitcoin prices on Monday were at their highest level since late January and crypto-related stocks were advancing sharply. (Dreamstime)

Key Points

• Bitcoin prices rise Monday to their highest levels in eight months, trading as high as $85,166 intraday.
• Cryptocurrency-related stocks advanced, with Strategy and Coinbase Global up strongly.
• The price gains occurr despite the collapse of the Clarity Act and a Federal Reserve interest-rate hike.

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 has risen 5.6% over the past 24 hours 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 4 p.m. Eastern time 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 6.8% to $164.44 in premarket trading after ending Friday up 16%. Digital-asset exchange Coinbase Global was up 5.3% while online trading platform Robinhood Markets gained 5%.

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.

Write to Kit Norton at kit.norton@barrons.com

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