- MicroStrategy (MSTR) reached its highest market capitalization to date following a recent surge in Bitcoin prices.
- MSTR stock closed at $455.90 on Wednesday, up 21.5% over the past month.
- Bitcoin rose 10% in the last month, hitting a new peak before settling around $118,413.
- MicroStrategy purchased 4,225 more Bitcoin for $472.5 million last week.
- MSTR has now qualified for the S&P 500 for 11 consecutive days, with its next earnings report scheduled for August 5.
MicroStrategy closed Wednesday’s trading session at its highest market capitalization on record, as the company’s Bitcoin-focused strategy aligns with the ongoing surge in cryptocurrency prices. The move followed a new Bitcoin high earlier in the week.
According to Google Finance, MicroStrategy shares finished at $455.90, marking a 21.52% increase over the last month. Bitcoin itself rose 10% in the same period, briefly climbing to $122,884 on Monday before pulling back to $118,413 at press time, based on data from Nansen.
Options trader Sean Trades stated on X that MSTR is “gearing up for the next leg to all-time highs.” Despite the record market cap, the company’s stock is still 19% below its highest price of $543, set in November. MicroStrategy has increased its Bitcoin holdings by issuing new shares to raise funds.
Jeff Walton from Strive Funds noted on X that this marks the 11th consecutive day MicroStrategy has met S&P 500 eligibility criteria. In a Financial Times documentary, Walton predicted the company could become the “number one publicly traded equity in the entire market” because of its Bitcoin-driven financial outlook.
A filing with the U.S. Securities and Exchange Commission on Monday revealed that MicroStrategy acquired 4,225 more Bitcoin for $472.5 million last week. The company will publish its next earnings report on August 5. It has reported net losses for each of the past three quarters.
This article does not contain investment advice. Readers should conduct their own research before making financial decisions.
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