Here's Why MicroStrategy Stock Is Soaring Today

Shares of MicroStrategy (NASDAQ: MSTR), a cloud-based analytics company, were soaring this morning on seemingly no company-specific news. Instead, it appears that investors were reacting to the price of Bitcoin bouncing back above $30,000 today. MicroStrategy has acquired more than 129,000 Bitcoins over the past several years. 

The tech stock had spiked by 21% as of 11:45 a.m. ET.  

MicroStrategy says that it's the "world's largest publicly traded corporate owner of bitcoin," which was great for shareholders when Bitcoin's price was soaring. But the company's crypto holdings have been a drag on its stock as Bitcoin's price has plummeted over the past several months.

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Source Fool.com