Shares in MicroStrategy (MSTR) \u2013 the world\u2019s largest corporate Bitcoin owner \u2013 have surged to a new all-time high for the first time in 24 years amid Bitcoin\u2019s scorching post-election rally on Monday.<\/p>\n
On Monday, MSTR opened at $296 per share \u2013roughly 10% above Friday\u2019s close. Soon after, the stock climbed throughout the day to $340 by the day\u2019s end \u2013 a new record for the decades-old company software company.<\/p>\n
The company\u2019s last high was achieved in March of 2000 during a brief wick up to $313 per share. The stock quickly collapsed down to just $17 by May of that year, and down to less than $0.50 by July of 2002.<\/p>\n
MSTR then spent the next two decades sequestered well under $20 per share until MicroStrategy pivoted its entire treasury into BTC in August 2020. From then on, the company\u2019s value multiplied substantially, and the stock began trading closely to BTC as a proxy of the digital asset.<\/p>\n
MicroStrategy has spent the past four years accumulating as much Bitcoin as possible using a combination of leverage and stock issuance. The company now owns, 279,420 BTC, on which it is now sitting on a $12.6 billion profit, according to Saylortracker.<\/p>\n
The company\u2019s latest stock rally has outperformed even Bitcoin, with the firm\u2019s total market cap now close to 3X the value of the BTC on its balance sheet. MSTR is up 396% year to date, versus BTC\u2019s 109% rise.<\/p>\n
On Monday, MicroStrategy executive chairman Michael Saylor announced another purchase of 27,200 BTC for $2.03 billion \u2013 his largest purchase yet.<\/p>\n
\u201cOur $MSTR treasury operations in the first 10 days of November resulted in a BTC Yield of 7.3%, a net benefit to our shareholders of ~18,410 BTC,\u201d he tweeted on Monday.<\/p>\n
Last month, MicroStrategy announced its three-year plan to buy $42 billion worth of Bitcoin<\/a>. Specifically, the 21\/21 plan entails raising $21 billion through fixed-income securities offerings, and another $21 billion through equity offerings.<\/p>\n The post The Big Bitcoin Miracle: MicroStrategy (MSTR) Price Soars to an All-Time High<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Shares in MicroStrategy (MSTR) \u2013 the world\u2019s largest corporate Bitcoin owner \u2013 have surged to a new all-time high for the first time in 24 years amid Bitcoin\u2019s scorching post-election rally on Monday. MicroStrategy\u2019s Triumphant Return On Monday, MSTR opened at $296 per share \u2013roughly 10% above Friday\u2019s close. Soon after, the stock climbed throughout […]<\/p>\n","protected":false},"author":0,"featured_media":19699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19698"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19698"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/19699"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}