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'buying up' is correct and usable in written English.
You can use it when referring to the purchasing of a large amount of something. For example: "The company is buying up a large quantity of raw materials."
Dictionary
buying up
verb
Present participle of buy up
Exact(57)
The government is buying up masks.
Bynum began buying up Tremé property nonetheless.
British travellers plugged the gap, buying up their forsaken houses.
Since then, the competition has been buying up distribution.
This elite is "pre-emptively buying up everything in sight".
Wealthy Brazilian investors are also buying up assets abroad.
French firms are buying up companies across Europe.
I'm not at newsstands buying up copies of print magazines".
Already, Richemont and LVMH are buying up smaller component-makers.
Similar(2)
Apple isn't about to start buying up sapphire mines, though.
But gradually, investors started buying up those properties.
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CEO of Professional Science Editing for Scientists @ prosciediting.com