MicroStrategy Stock Surges 24% as Bitcoin Nears All-Time High Price

By Decrypt March 05, 2024 In Bitcoin
MicroStrategy went all in on Bitcoin. Image: Shutterstock

Bitcoin-loving software firm company MicroStrategy’s stock is through the roof as the biggest digital currency approaches a new all-time high.

MicroStrategy—which trades on the Nasdaq under the ticker MSTR—was up nearly 24% when trading closed Monday. Shares are now priced at $1,334 a pop, the highest price seen in nearly two decades.

Today, MicroStrategy announced that it plans to offer a private sale of $600 million worth of convertible senior notes in order to purchase more of the asset.

Since the company adopted a Bitcoin-buying strategy back in August 2020, its shareholders have done well: the firm’s stock has jumped by 809%. It is now the largest publicly traded company that holds the asset.

Advertisement

Co-founder and chairman Michael Saylor said when the company first bought Bitcoin that it was a good way to fight inflation over the long-term and get a good return for shareholders, claiming it was a “dependable store of value.” The company was previously sitting on large amounts of cash.

Since then, Saylor has repeatedly said that MSTR stock is a safe bet for investors wanting simple, regulated exposure to the top cryptocurrency.

His company, which sells data analytics software, has continued to buy Bitcoin and now owns 193,000 BTC, valued at more than $13 billion at today’s prices.

Bitcoin is fast approaching its November 2021 all-time high of $69,044 per coin. Today, according to CoinGecko, it’s up nearly 7% in 24 hours and is trading hands for $68,217 at time of writing.

Published on

Decrypt

View the full article

You may also like