Bitcoin-friendly software company MicroStrategy has seen a significant surge in its stock price as the leading digital currency nears a new all-time high. Trading under the ticker MSTR on the Nasdaq, MicroStrategy’s stock closed Monday with a gain of nearly 24%, reaching $1,334 per share – the highest value in almost 20 years.
In more recent developments, MicroStrategy has announced its intention to conduct a private sale of $600 million in convertible senior notes to fund further acquisitions of Bitcoin. This move aligns with the company’s strategic shift towards holding the cryptocurrency as a key asset.
Since embracing a Bitcoin purchase strategy in August 2020, MicroStrategy has experienced a remarkable 809% increase in its stock value, becoming the largest publicly traded company heavily invested in Bitcoin. Co-founder and chairman Michael Saylor initially highlighted Bitcoin’s potential as a hedge against inflation and a reliable store of value, emphasizing its benefits for long-term shareholder returns.
Saylor has consistently touted MSTR stock as a secure investment option for those seeking regulated exposure to the top cryptocurrency. With the company’s continuous accumulation of Bitcoin holdings, which currently stand at 193,000 BTC valued above $13 billion, MicroStrategy remains firmly positioned in the crypto market.
As Bitcoin inches closer to its previous peak of $69,044 per coin recorded in November 2021, its current price sits at $68,217, reflecting a nearly 7% increase in the past 24 hours according to CoinGecko data. Investors are closely watching this bullish trend in the cryptocurrency market.