Bitcoin Supports MicroStrategy Stock
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| MicroStrategy Stock |
MicroStrategy shares surged more than 8% on Friday, September 14, after founder Michael Saylor announced the company was buying another $1.1 billion in bitcoin. Shares were up 24% over the week and are now up 124% this year.
MicroStrategy’s average purchase price of Bitcoin over the past four years is $38,585 per coin, Saylor said in a post on the X platform. Bitcoin is currently trading near $60,000. MicroStrategy's Bitcoin holdings are 244,800 coins, worth $14.6 billion.
Founded in 1989, MicroStrategy is a company that makes enterprise software and cloud services. Still, its value is now heavily tied to its Bitcoin ownership, effectively making the company a steward of the world’s largest cryptocurrency. According to Bitcoin Treasury, it is the largest institutional holder of the asset.
Saylor said that "bitcoin return" a metric provided by MicroStrategy, was 17% for the year. That figure indicates that the company has generated 17% more value for shareholders by selling shares to buy Bitcoin.
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