Michael Saylor’s MicroStrategy Shares Hit 24-Year High, Jumps Most Since Dot-Com Bubble As Bitcoin Nears $90K Mark For The First Time
Shares of Michael Saylor‘s MicroStrategy Inc. (NASDAQ:MSTR) rose as much as 25.73% to hit a record closing high at $340 apiece, as compared to a 0.05% decline in the Nasdaq 100 Index Monday. The shares rose by 5.31% to $358.06 per share during the after-hours trade the same day.
The surge marked the highest level for the shares on Monday since the dot-com bubble in March 2000.
What Happened: The rally in MicroStrategy shares was fueled by the rise in Bitcoin (CRYPTO: BTC), a crucial asset held by the latter in its portfolio. MicroStrategy is a business intelligence, mobile software, and cloud-based services company, but more than anything else, it serves as a proxy for Bitcoin.
At the time of writing, BTC was trading at $89,768.
The company calls itself the world’s first “Bitcoin Treasury company.” Volatility in MicroStrategy’s stock due to its Bitcoin position allows the company to borrow and raise capital at a low cost in order to turn around and buy more Bitcoin.
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