Why MicroStrategy Stock Soared Today

Shares of MicroStrategy (NASDAQ: MSTR) soared on Tuesday as the price of popular cryptocurrency Bitcoin (CRYPTO: BTC) spiked higher. As of noon EST, MicroStrategy's stock was up 14%. For its part, Bitcoin is up about 7% over the past 24 hours, according to CoinDesk. 

MicroStrategy held over 91,000 Bitcoins on its balance sheet as of March 5. As of this writing, the price of Bitcoin is around $54,200 each, placing the total value of MicroStrategy's holdings at over $4.9 billion. Just for context, the company acquired its Bitcoin for just under $2.2 billion. 

Image source: Getty Images.

Continue reading

Source Fool.com