Why MicroStrategy Stock Rose Over 21% in February
Shares of MicroStrategy (NASDAQ: MSTR) rose 21.6% in February, according to data provided by S&P Global Market Intelligence. With most companies you look for business results and developments, but this company increased its Bitcoin (CRYPTO: BTC) connection during the month. And with the price of Bitcoin rising, MicroStrategy stock rose as well.
MicroStrategy adopted a new corporate policy late in 2020: All cash not needed for operations is to be held in Bitcoin. But the company didn't stop there. It's issued convertible notes with the express purpose of buying more Bitcoin. In February, MicroStrategy employed the strategy again, issuing $1.05 billion in convertible notes.
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Source Fool.com
