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MicroStrategy's Stock Spikes Almost Triple Since It Acquired Bitcoin in August

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Thu, 31/12/2020 - 9:50
MicroStrategy's Stock Spikes Almost Triple Since It Acquired Bitcoin in August
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MicroStrategy has witnessed a surge of nearly three times its share price since Aug. 11, when it first acquired Bitcoin with part of its reserve cash.

Meanwhile, Bitcoin has surged to a new all-time high of $29,244 earlier today.

From $134 to $389 per share, holding Bitcoin

MicroStrategy shook the community when, on Aug. 11, it announced it was allocating a mammoth $250 million of its reserve cash into Bitcoin.

It was the first publicly-traded company to acquire the flagship cryptocurrency.

As per a chart from Nasdaq, back on that day, MSTR was trading at $134.89. Today, on the last day of 2020, the share price constitutes $389.97almost triple growth since August.

BTC
Image via Nasdaq

Related

MicroStrategy holds over $2 billion in Bitcoin

Later on, the company made a few more Bitcoin acquisitions, spending a total of $475 million on its BTC bet.

The latest BTC deal was made using the $650 million raised from investors using specially emitted shares for buying Bitcoin.

Overall, Michael Saylor's MicroStrategy has bet over $1 billion on the world's biggest cryptocurrency. This fiat worth of BTC holdings has surged to over $2 billion as Bitcoin reached a new all-time high above $29,000 earlier today.

BTC
Image via CoinMarketCap

Recently, Michael Saylor rejected multiple allegations of MicroStrategy running a Bitcoin ETP (exchange-traded product) or a Bitcoin ETF (exchange-traded fund).

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