News
MicroStrategy stock furthers rise on firm's bitcoin holdings
Key Takeaways
It was another strong session for MicroStrategy (MSTR), as the biggest corporate holder of bitcoin is being seen by investors as one of the best cryptocurrency stock plays.
Shares have been soaring along with the price of bitcoin since the election, with President-elect Donald Trump saying during the campaign that he wants to make the U.S. the "crypto capital of the planet." The shares, which advanced 3% in recent trading, set an all-time high last week and remain up more than 500% year-to-date.
Bitcoin traded above $98,000 Friday, boosted by comments from Benchmark analyst Mark Palmer, who predicted the digital coin can more than double within the next two years. Palmer said it could reach $225,000 by the end of 2026.
Earlier this week, MicroStrategy announced that it had purchased an additional 55,500 bitcoin (BTC) for approximately $5.4 billion between Nov. 18 and Nov. 24. The company reported it paid an average of $97,862 per bitcoin. MicroStrategy explained it now holds 386,700 BTC, with an average purchase price of $56,761 each.
