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"bought up" is a correct and usable phrase in written English.
It is generally used as a phrasal verb which means to buy a large quantity of something in order to increase one's own supply or to drive up prices. For example: "The company bought up all the shares in the market, which caused the stock prices to soar."
Dictionary
bought up
verb
Past of buy up
Exact(60)
I bought up the whole cage.
And yet, locals bought up every bottle.
The rest were bought up as dachas.
"Everything's been bought up," he said.
"All the best names are bought up".
I have bought up four children.
Would they have bought up a few more places?
Some hedge funds bought up energy while others sold.
We're all positioning ourselves to be bought up".
The country's national lottery has already been bought up.
Illumina bought up the Cambridge genome company BlueGnome in 2012.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com