{"id":293242,"date":"2024-10-08T19:17:11","date_gmt":"2024-10-08T19:17:11","guid":{"rendered":"https:\/\/newhampshiredigitalnews.com\/index.php\/2024\/10\/08\/microstrategy-soars-6-to-hit-highest-stock-price-since-march\/"},"modified":"2024-10-08T19:17:11","modified_gmt":"2024-10-08T19:17:11","slug":"microstrategy-soars-6-to-hit-highest-stock-price-since-march","status":"publish","type":"post","link":"https:\/\/newhampshiredigitalnews.com\/index.php\/2024\/10\/08\/microstrategy-soars-6-to-hit-highest-stock-price-since-march\/","title":{"rendered":"MicroStrategy soars 6% to hit highest stock price since March"},"content":{"rendered":"


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While the broader stock market was sent tumbling on Monday, MicroStrategy soared 6% and continued to make gains into Tuesday morning. The share price of the largest public corporate holder of Bitcoin hit $190 for the first time since March, marking a 6-month high.\u00a0<\/p>\n

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MicroStrategy stock extended gains on Tuesday nearing $200. The Virginia-based firm holds around $16 billion worth of Bitcoin, making the company a proxy for the cryptocurrency.<\/p>\n

Bitcoin prices and MicroStrategy stock often move in tandem. In this case, however, the company\u2019s surge did not coincide with a rise in Bitcoin prices. As the NASDAQ<\/a> and the S&P 500 fell 1% on Monday, Bitcoin fell too. Within an hour, Bitcoin slid from $64,000 to $62,800, concluding the day at around $63,300. On Tuesday, the currency floated around $62,000 while MicroStrategy hit $198.\u00a0<\/p>\n

The company has continued to acquire Bitcoin. Back in March, the last time MicroStrategy reached $190, its shares had jumped\u00a0a few weeks after the company announced the purchase of 12,000 Bitcoins<\/a>. This time, the surge comes almost a month after U.S Security and Exchange Commission filings revealed that the company acquired an additional 18,300 Bitcoins<\/a> between August and September, the largest amount of tokens acquired since 2021.<\/p>\n

MicroStrategy\u2019s Strategy<\/strong><\/p>\n

In 2020, Michael Saylor, MicroStrategy\u2019s former CEO and current executive chairman, made the decision to pivot the company\u2019s business strategy to investing in large sums of Bitcoin, a currency he had once been skeptical of, to protect the company\u2019s reserves from inflation. Since then, the company has amassed 252,220 bitcoins, about 43% of the company\u2019s market capitalization and 1% of the Bitcoin in existence. Despite the naysayers, Saylor\u2019s business plan has paid off greatly.\u00a0<\/p>\n

After experiencing the drawbacks from holding such a volatile currency, MicroStrategy stock surged<\/a> 300% in 2023, going from $14 to $63 by the end of the year. In 2024, the company continued to see gains as traditional financial institutions moved into the crypto space with the approval of spot Bitcoin exchange-traded funds, pushing the stock price to highs in March.\u00a0<\/p>\n

MicroStrategy has outperformed Bitcoin for most of the year. The currency has increased 42% since January compared to MicroStrategy, which has exploded 207%. However, investing in Bitcoin by way of MicroStrategy comes at a premium and some analysts don\u2019t believe the benefits outweigh the cost.<\/p>\n<\/div>\n

Learn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortune’s Crypto Crash Course<\/a>.<\/div>\n<\/div>\n


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While the broader stock market was sent tumbling on Monday, MicroStrategy soared 6% and continued to make gains into Tuesday morning. The share price of<\/p>\n","protected":false},"author":1,"featured_media":293243,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[170],"tags":[],"class_list":["post-293242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/293242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=293242"}],"version-history":[{"count":0,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/293242\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/293243"}],"wp:attachment":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=293242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=293242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=293242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}