On March 24, Bitcoin exceeded the price mark of $88,000 within hours of MicroStrategy announcing a purchase of BTC worth $584 million.

MicroStrategy, recently rebranded to “Strategy,” revealed that it purchased 6,911 BTC between March 17 and March 23 for approximately $584.1 million in cash.

MicroStrategy, led by co-founder and executive chairman Michael Saylor, has pursued aggressive Bitcoin acquisitions since 2020. It is the largest corporate holder of Bitcoin, with 506,137 BTC in its holdings.

In fact, the company holds 2.37% of total Bitcoin supply as per BitcoinTreasuries.

The price of Bitcoin immediately rallied past the $88,000-price mark following the announcement and even reached $88,713.83.

Saylor is a well-known Bitcoin maximalist who predicted on March 20 that the cryptocurrency will hit $13 million over 20 years. Speaking at the Digital Asset Summit, he highlighted Bitcoin’s legal status as a commodity rather than a security.

"I can stand here and I can tell you that I think the price of Bitcoin will go to $13 million over 20 years. I couldn’t say that about a security, right?" Saylor said.

The king coin had been struggling to touch the price mark for the past few days. It is the first day after March 8 that BTC has been able to reach the price mark of $88,000.

At press time, BTC was trading at $87,941.46 as per Kraken’s price feeds.

MicroStrategy’s common stock, MSTR, reacted positively to the news. It was trading at $325.99 at the time of writing as it recorded a rise of 7.16% relative to the previous day's close.