Why MicroStrategy Stock Moved Higher Again This Week
Shares of stock (NASDAQ: MSTR) were rising yet again this week. The company that has staked its entire future on Bitcoin rose 11.9% this week, according to data from S&P Global Market Intelligence. With Bitcoin getting close to an all-time high, investors are making bets that the future of MicroStrategy is bright. The stock is up 500% in the past year.
Here's why MicroStrategy's stock was up yet again this week.
MicroStrategy pivoted in the last few years from a niche software business to using all its capital and taking on massive amounts of debt to purchase Bitcoin. That's its entire business strategy. And so far, this strategy has worked, as its shares are up 1,000% in the last five years, and its market cap is close to $30 billion. Earlier this month, it raised more convertible notes -- $600 million worth -- to increase its debt-fueled bet on Bitcoin.
Source Fool.com
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