[ad_1]
Shares of cloud software developer MicroStrategy (MSTR) are soaring after the company increased its Bitcoin (BTC-USD) holdings, purchasing an additional 12,000 Bitcoins. Over the past few weeks, cryptocurrencies have rallied and rebounded multiple times, reaching multiple record highs.
Yahoo Finance Live is monitoring MicroStrategy’s stock price movement amid Bitcoin’s rise.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor’s note: This article was written by luke carberry morgan.
video transcript
Jared Breichle: Now, as the trading day nears the closing bell, head over to the Yahoo Finance Trend Ticker page. MicroStrategy is at the top of our watch list. Shares are soaring after the company made its second-largest Bitcoin purchase. MicroStrategy will purchase an additional 12,000 Bitcoins, bringing its total Bitcoin holdings to approximately 205,000 tokens.
The company’s market capitalization currently stands at a staggering $27.7 billion, largely due to its large Bitcoin holdings. The stock is up 150% since the beginning of the year. Julie, wow. And I think you’d be surprised to know that this started out as a software company. Well, they–
Julie Hyman: So apparently it’s still a software company.
Jared Breichle: They are of a kind. of seeds. of seeds. But in reality, they have been building up these Bitcoin holdings. And so far, it seems to be working. However, if we see a decline in cryptocurrencies, that could change by a penny.
Julie Hyman: Well, that was the case when we saw the pullback before. But the fact that they currently own 205,000 Bitcoins is a pretty incredible number here. What’s also interesting is that they simply sold bonds to finance this latest Bitcoin purchase. That’s why it could be even more troublesome for them if things go pear-shaped in the Bitcoin market. But so far it’s been going great, hasn’t it? And there are a lot of predictions.
And we’re going to talk a little bit with some crypto investors. Based on the continued demand for Bitcoin ETFs, we have seen some big predictions based on the halving. One interesting point for me was the most recent Bitcoin purchases made by MicroStrategy, where the average price was 68,477. So that’s where we are now. However, the average price of the total holdings is 33,706. In that sense–
Jared Breichle: So Michael Saylor just…
Julie Hyman: –They were sitting nicely.
Jared Breichle: Of course CEO Michael — he’s not —
Julie Hyman: He is currently the executive chairman.
Jared Breichle: But it’s still his ship, right?
Julie Hyman: He is responsible for the company’s crypto strategy. By the way, I’m planning to talk to him tomorrow–
Jared Breichle: I heard.
Julie Hyman: –In the program. So we talk to him about Bitcoin strategy.
[ad_2]
Source link
