Stock shares in Michael Saylor’s MicroStrategy (MSTR) reached a new all-time high on Tuesday afternoon, hitting $357.37 per share with an intraday market cap of $70.138 billion. The surge in stock value came after the company’s announcement of purchasing an additional 27,200 Bitcoin, worth $2.03 billion, on Monday. This move by MicroStrategy follows a recent trend of companies investing in Bitcoin as a treasury reserve asset.
The decision to invest in Bitcoin has proven to be lucrative for MicroStrategy, as the stock has climbed over 50% in the last five days alone. The company’s commitment to Bitcoin has garnered support from investors, leading to a rise in stock value. Additionally, the average daily trading volume for MSTR over the past 30 days has been 20.47 million shares, indicating strong market interest in the company.
The success of MicroStrategy’s stock can also be attributed to the overall positive sentiment surrounding Bitcoin post-election. With Donald Trump becoming the first pro-crypto US President, the cryptocurrency market has seen increased excitement and investment. Market experts predict that Bitcoin could reach $125,000 following a Trump victory, which would further boost MSTR’s value.
MicroStrategy’s President and CEO, Phong Le, emphasized the company’s focus on leveraging the digital transformation of capital to increase shareholder value. The company has announced a three-year plan to invest $42 billion in Bitcoin through capital raises, signaling its long-term commitment to the cryptocurrency.
As more companies look to follow in MicroStrategy’s footsteps and invest in Bitcoin, the future looks bright for both the cryptocurrency and companies like MicroStrategy. With Bitcoin’s ongoing rally expected to continue through the end of 2024, MSTR’s value is likely to follow suit. Overall, Michael Saylor’s MicroStrategy has positioned itself as a leader in the cryptocurrency market, with its stock hitting new record highs and attracting investor interest.