Here's Why MicroStrategy Stock Soared Today

Shares of MicroStrategy (NASDAQ: MSTR) soared today, likely because the price of Bitcoin (CRYPTO: BTC) is also soaring. MicroStrategy owns quite a few Bitcoins, so it benefits when the price is rising. As of 3 p.m. EDT, the stock was up almost 16%.

MicroStrategy adopted a policy last year to primarily hold Bitcoins instead of cash. So whenever it has excess cash, it buys more Bitcoin. The company did this most recently last week with an extra $15 million it had. According to the filing with the Securities and Exchange Commission (SEC) last week, MicroStrategy bought 253 new Bitcoins to take its total to 91,579. 

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Source Fool.com