MicroStrategy's (MSTR) stock price is surging after the company announced it had purchased even more Bitcoin (BTC).
MicroStrategy's (MSTR) stock price is surging after the company announced it had purchased even more Bitcoin (BTC), solidifying its position as the world's largest corporate holder of the cryptocurrency. The stock jumped nearly 14% on Monday, reaching a high of $1,610 before settling at $1,484, ending the day at a 4% gain. MSTR gained a staggering 106% for the month.
This surge comes alongside Bitcoin's own record-breaking run, which saw the most valuable cryptocurrency hit an all-time high of $72,200. The recent purchase puts MicroStrategy's Bitcoin holdings above BlackRock's recently launched spot Bitcoin ETF, which holds 195,985 BTC. MicroStrategy now boasts a treasury of over 200,000 Bitcoins, valued at more than $14.8 billion at current prices.
MicroStrategy co-founder Michael Saylor remains bullish on Bitcoin, calling it a "superior investment" to traditional assets like gold and equities. He believes Bitcoin's digital nature and 24/7 trading availability give it a significant advantage.
Saylor, a vocal Bitcoin advocate, sees MicroStrategy as a "Bitcoin development company." He predicts Bitcoin's market cap will eventually surpass gold. Bitcoin’s market capitalization is currently $1.41 trillion, while gold stands at $14.69 trillion. Meanwhile, MSTR’s market cap is $25.18 billion.
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