MicroStrategy Inc ( MSTR ) shares are trading higher Monday after Bitcoin (CRYPTO: BTC) prices hit new all-time highs over the weekend. MicroStrategy ( MSTR ) also announced that it raised $2 billion to buy more Bitcoin.

What Happened: Bitcoin climbed to new highs over the weekend and hit another high Monday morning as the rally in risk assets following Donald Trump’s election win continues. Risk assets have benefited as most anticipate a more favorable regulatory environment under Trump. Trump had also positioned himself as a pro-crypto candidate.

Bitcoin rose to $80,000 for the first time ever on Sunday and continued to move higher Monday morning, last up about 2.5% over a 24-hour period trading around $81,870. Bitcoin is now up about 18.5% over the past week.

MicroStrategy ( MSTR ) is a business intelligence, mobile software and cloud-based services company, but more than anything else, it serves as a proxy for Bitcoin. The company calls itself the world’s first “Bitcoin Treasury company.” Volatility in MicroStrategy's ( MSTR ) stock due to its Bitcoin position allows the company to borrow and raise capital at low cost in order to turn around and buy more Bitcoin.

See Also: Kiyosaki Aims To Own 100 Bitcoins By 2025: ‘I Wish Bitcoin Was Back To $10 A Coin, But Wishing Has Never Made Poor People Richer’

MicroStrategy ( MSTR ) on Monday announced that it acquired approximately 27,200 bitcoin between Oct. 31 and Nov. 10 for approximately $2.03 billion in cash. The company purchased the bitcoin at an average cost of $74,463 per coin.

MicroStrategy ( MSTR ) bought the bitcoin using proceeds from sales agreements it entered into on Aug. 1 and Oct. 30. As of Nov. 10, the company said it sold an aggregate 7,854,647 shares for net proceeds of $2.03 billion.

MicroStrategy ( MSTR ) said its August sales agreement has been substantially depleted and noted that any further at-the-market sales of shares will be made under the October agreement. As of Nov. 10, MicroStrategy ( MSTR ) held a total of approximately 279,420 bitcoin, purchased at an average price of $42,692.

MSTR Price Action: MicroStrategy shares were up 10.7% at $299.26 at the time of publication, according to Benzinga Pro.

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