Why Bitcoin Stock MicroStrategy Stock Is Climbing
Portfolio Pulse from Erica Kollmann
MicroStrategy Incorporated (NASDAQ:MSTR) shares are rising after purchasing an additional 3,000 Bitcoin for about $155.4 million, bringing their total holdings to approximately 193,000 bitcoins. The acquisition occurred between Feb. 15 and Feb. 25 at an average price of $51,813 per bitcoin. This move comes as crypto-related stocks surge, with Bitcoin trading above $53,000. MicroStrategy's stock has gained nearly 25% year-to-date, buoyed by the approval of several spot bitcoin ETFs and anticipation of the next bitcoin halving event. Shares are trading above the 50-day moving average and near the 52-week high.
February 26, 2024 | 4:47 pm
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MicroStrategy's stock is on the rise after the company acquired an additional 3,000 Bitcoin, with its total Bitcoin holdings now at approximately 193,000. The stock has seen a nearly 25% increase year-to-date, influenced by the broader crypto market's performance and the anticipation of bitcoin-related events.
MicroStrategy's recent Bitcoin purchase and the positive momentum in the crypto market, especially with Bitcoin trading above $53,000, have contributed to the stock's rise. The company's aggressive investment in Bitcoin has been a significant driver of its stock performance, especially as the market reacts positively to the approval of bitcoin ETFs and the anticipation of the bitcoin halving event. The stock's performance above its moving averages further indicates bullish sentiment among investors.
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