What's Going On With MicroStrategy Incorporated Stock?

MicroStrategy Incorporated MSTR shares are trading higher Thursday in sympathy with Bitcoin BTC/USD and reached a new 52-week high.

What To Know:

MicroStrategy shares marked a new 52-week high of $518 per share as the stock continues to climb with the price of Bitcoin. MSTR shares have gained more than 16% over the last five days and more than 54% over the last month.

MicroStrategy is a significant holder of Bitcoin which is trading at its 52-week high of $37,792.28 at the time of publication. Excitement surrounding the potential approval of a spot Bitcoin ETF is building and is pushing the price of Bitcoin higher.

MicroStrategy holds 152,800 bitcoins acquired for a total cost of $4.53 billion, or $29,672 per bitcoin.

CEO Michael Saylor said in an interview with Fox Business on Monday, "“What we did in August of 2020 was recognize that there’s no way we’re going to outgrow Google and Microsoft and Apple computers as a mid-sized software company… So we started looking to do an acquisition of a high growth, digital monopoly of our own."

"And we realized that Bitcoin is like a high tech dominant digital network growing at 40 or 50% a year. And so we bought it, it’s kept growing 40 or 50% a year. And now we’re using our balance sheet to grow the company as well as our P&L."

MicroStrategy shares have grabbed the attention of both retail investors and short-sellers. MSTR is one the top trending tickers on Yahoo Finance, and according to data from Benzinga Pro, 25.98% of available MSTR shares are being sold short.

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MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up 10.7% at $524.96 at the time of publication.

Image: Miloslav Hamřík from Pixabay