MicroStrategy soars 6% to hit highest stock price since March
While the broader stock market was sent tumbling on Monday, MicroStrategy soared 6% and continued to make gains into Tuesday morning. The share price of the largest public corporate holder of Bitcoin hit $190 for the first time since March, marking a 6-month high.
MicroStrategy stock extended gains on Tuesday nearing $200. The Virginia-based firm holds around $16 billion worth of Bitcoin, making the company a proxy for the cryptocurrency.
Bitcoin prices and MicroStrategy stock often move in tandem. In this case, however, the company’s surge did not coincide with a rise in Bitcoin prices. As the NASDAQ and the S&P 500 fell 1% on Monday, Bitcoin fell too. Within an hour, Bitcoin slid from $64,000 to $62,800, concluding the day…
