Bitcoin Climbs Past $85,000 After MicroStrategy Adds 950 BTC to Holdings

Bitcoin surged past the $85,000 mark on Tuesday, reaching a near eight-month high, driven by a fresh purchase from major corporate holder MicroStrategy and a broader risk-on sentiment in financial markets. The leading cryptocurrency gained 4.9% to trade at $85,561.6 by 01:52 ET, according to data from Investing.com.

MicroStrategy Boosts Holdings

Business intelligence firm MicroStrategy Inc. (NASDAQ:MSTR) disclosed on Monday that it had acquired an additional 950 bitcoin for $75.7 million. The company stated the purchases were made between September 14 and September 20.

This latest acquisition brings the company's total holdings to 846,000 BTC, its largest stash since late June. The move is seen by some market observers as a sign of renewed confidence, particularly after the company had sold some of its holdings earlier in the year. MicroStrategy also disclosed it had repurchased 1.77 million shares of its preferred stock for $174.0 million during the same period.

Market Rallies on Regulatory Moves

The rally in digital assets coincides with improved sentiment across wider markets, supported by falling oil prices and U.S. Treasury yields. This environment has encouraged investor appetite for higher-risk assets, including cryptocurrencies.

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Recent regulatory developments have also played a key role. According to the source, traders were encouraged after the U.S. Securities and Exchange Commission (SEC) on Thursday granted a five-year exemption allowing qualified platforms to trade tokenized U.S. stocks. The decision spurred hopes for greater blockchain integration within traditional financial markets.

Altcoins Post Widespread Gains

The positive momentum extended across the cryptocurrency market, with most major altcoins posting significant gains. Key altcoin movements on Tuesday included:

• Ether (ETH) rose 2.7% to $2,733.53.
• XRP jumped 5.5% to $1.5156.
• Solana (SOL) and Cardano (ADA) gained 4.2% and 4.6%, respectively.

However, BNB, the native token of the Binance exchange, lagged its peers with a modest 1.8% rise. The underperformance follows a Bloomberg report that U.S. federal prosecutors are investigating whether the exchange violated sanctions on Iran.