MicroStrategy Incorporated MSTR shares are trading higher Monday amid a surge in the price of Bitcoin BTC/USD. Here's a look at what's going on.
What To Know:
Bitcoin has surged over the weekend, crossing the $41,500 mark on Monday and extending its gains to more than 140% over the past year.
Last week, CEO Michael Saylor announced that MicroStrategy has purchased additional Bitcoin in a post on the social media platform X.
The post reads, "MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per bitcoin. As of 11/29/23, MicroStrategy now hodls 174,530 bitcoin acquired for ~$5.28 billion at an average price of $30,252 per bitcoin."
Also, continued optimism surrounding a potential spot ETF has partially fueled the rally in the crypto space this year.
MicroStrategy Inc.'s stock reached a new 52-week high of $577.77 Monday and has attracted intense interest from short-sellers. 25.16% of available MSTR shares are being sold short, according to data from Benzinga Pro.
Related News: Meme Stocks Rally: To The Moon Or Failure To Launch?
MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up by more than 5% at $555.84 at the time of publication.
Image: Wilfried Pohnke from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.