MicroStrategy Inc. (MSTR) shares soar 13% in premarket trading as Bitcoin rallies past $93,000

MicroStrategy Inc. (MSTR) continues to ride the Bitcoin wave, with shares soaring 13% in premarket trading to $289 following Bitcoin's rally past the $93,000 mark

MicroStrategy Inc. (MSTR) shares soared 13% in premarket trading on Monday after Bitcoin rose above the $93,000 level over the weekend, bringing the battered tech stock closer to the key $300 resistance.

After a battered 2022, Bitcoin price finally broke above the key $90,000 level over the weekend with Bitcoin futures rising 6% on Sunday. The world’s largest cryptocurrency had been largely trading in a range-bound manner after bottoming out at around $40,000 in December 2022.

After a battered 2022, Bitcoin price finally broke above the key $90,000 level over the weekend with Bitcoin futures rising 6% on Sunday. The world’s largest cryptocurrency had been largely trading in a range-bound manner after bottoming out at around $40,000 in December 2022.

However, following a brief dip below $80,000 during the early hours of Sunday, the cryptocurrency quickly recovered and shot up to $93,000 by the afternoon sessions. The move came as part of a broader crypto market rally, with ether also surging 4%.

The move past $90,000 brought Bitcoin closer to the $100,000 level, which several crypto analysts had predicted for the second half of 2023. A recent survey of 73 economists by Bloomberg also showed that the majority did not expect a U.S. recession this year, which could bode well for riskier assets such as cryptocurrencies and meme stocks.

MSTR stock, which is known for its massive Bitcoin holdings and had been closely followed by meme stock traders last year, is now down nearly 50% from the all-time highs of around $700, which were hit in November 2021 at the peak of the meme stock mania.

At current prices, MicroStrategy’s total Bitcoin holdings, which were acquired for approximately $33.1 billion at an average price of $66,357 per token, have now generated an unrealized profit of over $13 billion.

This milestone comes after MicroStrategy’s investment in Bitcoin, which was largely driven by its executive chairman Michael Saylor, faced significant criticism last year as Bitcoin prices plumme