As an analyst with over two decades of experience in the financial markets, I must admit that MicroStrategy’s meteoric rise is nothing short of remarkable. The company’s bold and strategic move to invest heavily in Bitcoin has proven to be a masterstroke, given the recent surge in the cryptocurrency’s value.
Over the past five days, MicroStrategy’s stock (MSTR) has soared around 30%, breaking a new record high at over $351. This impressive rise can largely be attributed to the company’s recent large-scale Bitcoin purchase and the subsequent upward trend in the value of Bitcoin itself.
Currently, the share price for MicroStrategy stands at $345.98. This corporation boasts a market value of around $70.26 billion, with roughly 202.64 million shares available in circulation. On average, about 20.47 million shares are traded daily over the past month.
From October 31st through November 10th, 2024, MicroStrategy added 27,200 Bitcoins to its collection, spending around $2 billion in total. This purchase increased their Bitcoin holdings to a grand total of 279,420 BTC, which at the time was valued at approximately $24.3 billion.
The price of Bitcoin has soared to unprecedented levels, breaking through the $89,000 mark. This surge in value has benefited businesses that have substantial investments in Bitcoin, such as MicroStrategy, in a favorable manner.
MicroStrategy has disclosed a three-year investment strategy worth $42 billion in Bitcoin, primarily through fundraising activities, underscoring their dedication to holding Bitcoin as a reserve asset.
As a dedicated cryptocurrency investor, I can’t help but notice the remarkable 2.8 times premium MicroStrategy’s stock now holds over its net asset value. This impressive figure speaks volumes about MicroStrategy’s preferred status as a Bitcoin surrogate, even amidst the growing influx into Bitcoin ETFs.
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2024-11-12 21:24