MicroStrategy, the enterprise business firm known for its bullish stance on Bitcoin (BTC) , has seen its stock soar to a two-year high.
The technology company’s shares closed above $500 on Black Friday, a level not seen since December 2021, according to data from Yahoo! Finance .
As of now, MicroStrategy boasts a market cap of $7.55 billion.
MicroStrategy’s strategic decision to hold significant amounts of Bitcoin has proven to be a lucrative move.
Despite starting the year with a quarterly loss, the company’s stock price doubled within a month.
As one of the largest institutional holders of Bitcoin, MicroStrategy’s founder and chairman, Michael Saylor, began accumulating the cryptocurrency in August 2020 as a hedge against inflation.
“That’s why all of us are fairly bullish over the next 12 months. Demand’s going to increase, supply’s going to contract, and this is fairly unprecedented in the history of Wall Street,” he said in an interview with CNBC.
MicroStrategy’s fortunes continued to improve throughout the year.
By April, the company’s Bitcoin holdings were in the green as the price of Bitcoin surpassed $30,000.
With the purchase of an additional 1,045 Bitcoin, increasing its total holdings to 140,000 Bitcoin, the average purchase price of the digital asset fell to $29,803 per coin.
Although the second-quarter earnings report included a $24 million Bitcoin impairment charge, MicroStrategy as a company returned to profitability.
The largest publicly traded company with Bitcoin on its balance sheet continued its BTC buying spree, accumulating 152,800 coins worth about $4.4 billion.
Interestingly, the stocks of companies with exposure to Bitcoin outperformed the cryptocurrency itself, which had
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