Why MicroStrategy Stock Surged to a New 52-Week High Today
Shares of technology company (NASDAQ: MSTR) surged to a new 52-week high on Monday, after the company disclosed that it had bought more Bitcoin (CRYPTO: BTC). On top of MicroStrategy's new purchase, Bitcoin itself is having a good day, up about 5% over the past 24 hour hours. For its part, MicroStrategy stock was up 16% as of 3:20 p.m. ET.
From Feb. 15 through Feb. 25, MicroStrategy was buying Bitcoin. The company wound up buying 3,000 additional bitcoins for $155 million. It now owns an astounding 193,000 bitcoins valued at about $10.5 billion as of this writing.
MicroStrategy has spent about $6.1 billion so far to acquire this much Bitcoin. Considering it's worth about $10.5 billion, it would seem this bet is paying off quite nicely.
Source Fool.com
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