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Cryptocurrency News Articles
MicroStrategy's Stock Surges 7.8% in 24 Hours to Mark a 25-Year High, Tied to Bitcoin Price Surge
Oct 25, 2024 at 04:27 pm
MicroStrategy's stock has experienced a remarkable surge, jumping over 7.8% in the last 24 hours to reach approximately $236.12, marking a new 25-year high.
MicroStrategy (NASDAQ: MSTR) stock soared on Monday as its massive bet on Bitcoin continues to pay off handsomely amid the cryptocurrency’s recent price rally.
What Happened: MicroStrategy shares surged by 7.8% in the last 24 hours. At the time of writing on Monday morning, MSTR stock was trading at an average price of $236.12, up from around $219.03 in the previous day.
The new price marks a 25-year high for MicroStrategy stock. The company's shares have more than doubled in value since the beginning of September.
At the start of September, MicroStrategy shares were valued at around $118 on September 6, when Bitcoin was trading below $60,000. Now, with Bitcoin trading at approximately $68,000, the company's stock has soared by over 100% in that time frame.
MicroStrategy, which currently holds 252,220 Bitcoin valued at over $17 billion, saw its shares surge by 7.8% in the last 24 hours, rising from approximately $219.03 to $236.12.
The increase in share price is largely due to the recent spikes in Bitcoin, which is now trading at $68,000 — a 20% increase from its price on September 6.
A Deeper Dive: MicroStrategy co-founder and Executive Chairman Michael Saylor recently discussed the company's strategic shift towards Bitcoin.
“We saw Bitcoin as a big tech monetary network, like Google for money or Facebook for money. We are in the core business of creating Bitcoin capital market instruments across equity, convertibles, fixed income, and preferred shares,” Saylor said.
MicroStrategy is about to buy another $900 million in #Bitcoin soon
This strategic pivot underscores MicroStrategy's commitment to leveraging Bitcoin's potential as a transformative financial asset.
The company's focus on creating diverse Bitcoin capital market instruments aims to solidify its position as a leading player in the cryptocurrency space.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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