Software company MicroStrategy’s stock is booming as the publicly listed firm continues to snap up Bitcoin at a rapid rate. 

MicroStrategy—which trades on the Nasdaq under the ticker MSTR—was trading for as much as $1,610 per share on Monday. That represented a rise of nearly 14% over the previous 24 hours. Even though it has since settled to $1,484 as of this writing—a more modest 4% one-day gain—the stock is still up 106% for the month.

More impressively, since the company started its Bitcoin strategy by putting the biggest cryptocurrency on its balance sheet back in 2020, its price has shot up by over 912%. The highest it’s ever been was back in 2000 when it was trading for $3,130.

The spike came as the company announced today that it had bought even more Bitcoin and now holds more than any publicly traded company. At today’s prices, its “digital gold” holdings stand at over $14.8 billion.

With its BTC stash exceeding 200,000, the acquisition leapfrogs MicroStrategy back over BlackRock’s spot Bitcoin ETF, which Go to Source to See Full Article
Author: Mathew Di Salvo

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