Why MicroStrategy Stock Is Higher Today

MicroStrategy Incorporated MSTR shares are trading higher Tuesday after the U.S. Court of Appeals ruled the SEC was wrong to reject Grayscale Investments' spot Bitcoin BTC/USD ETF application.

The Details:

Shares of MIcroStrategy are up after a federal court has ordered the Securities and Exchange Commission (SEC) to review its rejection of the application from Grayscale Investments to convert its Grayscale Bitcoin Trust GBTC into a spot Bitcoin ETF.

Bitcoin is trading up more than 5% and has broken the key level of $27,000 after news of the court's decision was released.

Michael Saylor's MicroStrategy, the largest institutional holder of Bitcoin, owns 152,800 BTC, acquired for an average price of $29,672, representing a $4.53 billion investment.

Microstrategy shares are moving higher on above-average trading volume. According to Benzinga Pro, more than 981 thousand shares have been traded in the session, compared to the stock's 100-day average of 817.5 thousand shares.

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MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up more than 11% at $383.25 at the time of publication.

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