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

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Thu, 12/31/2020 - 09:50
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Yuri Molchan
Since the business software giant got its first Bitcoin in August and now holds over $2 billion in BTC, the company's shares have surged almost three times
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
Defying Skeptics, MicroStrategy Stock (MSTR) Soars to 247-Month High

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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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.