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The Key Takeaways
- MicroStrategy’s shares have continued to rise along with bitcoin, which was trading at over $98,000 on Friday.
- Many investors consider the business intelligence provider to be one of the top stock investments tied to cryptocurrency.
- MicroStrategy, which announced earlier this week that it purchased 55,500 additional bitcoins (BTC) between November 18 and 24 for an estimated $5.4 billion, now has 386,700 BTC.
Investors viewed MicroStrategy as one of best plays in cryptocurrency stocks.
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." Shares, which have risen 3% since the last trading session, reached a new high in late-week and are up over 500% for the year.
Bitcoin reached a high of $98,000 in Friday’s trading, thanks to comments made by Benchmark Analyst Mark Palmer. Palmer predicted that the digital currency could double over the next 2 years. Palmer predicted that it would reach $225,000 at the end of 2026.
MicroStrategy reported earlier this week that between November 18 and 24 it purchased 55,500 additional bitcoins (BTC). The total cost was approximately $5.4 Billion. According to the company, it spent an average price of $97.862 for each bitcoin. MicroStrategy stated that it currently holds 386.700 BTC at an average cost of $56,761.
:max_bytes(150000):strip_icc()/MSTR_2024-11-29_11-04-19-b77b6133232c487f8b1e327d0540cbfa.png "The MicroStrategy stock continues to rise on the firm's Bitcoin holdings 5 Trading signals about upcoming cryptocurrency pumps on the Binance exchange based on artificial intelligence forecasts")
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