MicroStrategy's stock soars toward 3-month higher after bitcoin blasts off

27 Jul 2021, 05:44 · Views 173

Shares of MicroStrategy Inc. MSTR, +26.46% shot up 26% toward a three-month high in afternoon trading Monday, as investors appeared to cheer the rally in bitcoin. The enterprise software company is viewed as a bitcoin play as the company has disclosed that it uses bitcoin as a primary treasury reserve asset. Meanwhile, bitcoin BTCUSD, -1.85% recently soared 15.4% to $39,793, in the wake of Amazon.com Inc. AMZN, +1.18% put out an help-wanted ad seeking a "digital currency and blockchain product lead." The company said last month that it owned about 105,085 bitcoin as of June 21, which it acquired for $2.74 billion at an average price of $26,080 per bitcoin. MicroStrategy's stock, which is on track to close at the highest level since April 16, has soared 76% year to date, while bitcoin has run up 37% and the S&P 500 SPX, +0.24% has gained 17.6%.

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MicroStrategy's stock soars toward 3-month higher after bitcoin blasts off

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