Here's Why Microstrategy Stock Was Up More Than 20% at One Point This Week
Shares of Microstrategy (NASDAQ: MSTR) rose as much as 24.5% this week, according to data from S&P Global Market Intelligence. The business intelligence specialist, which has converted nearly all of its cash reserves into Bitcoin (CRYPTO: BTC) tokens, reached that peak on Wednesday morning, as measured from last Friday's closing price. Of course, Bitcoin followed a similar trajectory and reached a 19-month record price of $35,116 just before noon Eastern time on Wednesday.
Microstrategy stock was up about 16% for the week as of midday Friday.
It's no surprise to see Microstrategy's stock chart showing a close match with Bitcoin's pricing trends. The company still runs a successful and profitable business intelligence operation, but its market value depends almost entirely on Bitcoin nowadays.
Source Fool.com
