MicroStrategy Stock Hits Record High Amid Bitcoin Acquisition Spree
MicroStrategy’s stock reached an unprecedented pinnacle of $1,909 on Tuesday, according to Yahoo Finance, before easing slightly to $1,863 by 12:35 p.m. ET, marking a 0.49% increase.
With an intraday market capitalization of $31.67 billion, this surge comes on the heels of the company’s recent acquisition of an additional 9,245 bitcoins, valued at $623 million on March 19. This acquisition brings their total bitcoin holdings to around 214,250 BTC, equivalent to approximately 1% of the entire bitcoin supply. The move underscores MicroStrategy’s steadfast commitment to investing in the cryptocurrency, positioning itself as a significant player in the digital asset market.
Meanwhile, bitcoin’s price experienced a slight downturn, hitting $69,522.56 at 12:47 p.m. ET on March 26, showing a 0.82% decrease within the past 24 hours. The decline followed a surge earlier in the day that propelled bitcoin beyond the $71,000 mark, resulting in liquidations totaling $193 million. Despite this minor setback, the continued interest from institutional investors like MicroStrategy indicates a growing confidence in bitcoin’s long-term viability as a store of value and an investment asset.
Clever Robot News Desk 28th March 2024
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