MicroStrategy (MSTR) shares rocketed higher again Wednesday, as the largest corporate holder of bitcoin reaps the benefits of record high prices for the cryptocurrency.
The price of bitcoin hit a record of more than $94,000 on Tuesday, and MicroStrategy has been buying a ton of it. Over a six-day span earlier this month, the technology company acquired 51,780 bitcoin for roughly $4.6 billion, according to a recent regulatory filing, even with some prices already having crossed the $90,000 threshold.
All told, as of Sunday MicroStrategy held 331,200 bitcoin, which is worth about $31 billion at current prices. In fact, its shares have outperformed bitcoin this year, soaring nearly 700% this year as bitcoin has a bit more than doubled. Its stock, which has doubled this month, surged a further 15% to $495.98 in recent trading.
Notably, MicroStrategy still holds far less than the 474,627 bitcoin held as of yesterday by BlackRock's iShares Bitcoin Trust (IBIT), which is the largest bitcoin exchange-traded fund (ETF).
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