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MicroStrategy stock jumps on latest bitcoin buy, Nasdaq 100 addition

MicroStrategy stock jumps on latest bitcoin buy, Nasdaq 100 addition


Published on 2024-12-16 16:41:19 - Yahoo Finance
  Print publication without navigation

  • Some 40% of MicroStrategy's bitcoin position has been acquired in the past 40 days, wrote Bernstein analysts on Monday. Within the past month alone, MicroStrategy purchased more than 100,000 bitcoins for $10.5 billion, SEC filings show.

MicroStrategy, a business intelligence firm, has significantly increased its investment in Bitcoin, purchasing an additional 12,000 bitcoins for $821.7 million, bringing its total holdings to 205,000 bitcoins. This move was announced alongside the news that MicroStrategy would be added to the Nasdaq 100 Index, effective December 19, 2023. The company's stock surged by 11% following these announcements. The addition to the Nasdaq 100, which tracks the performance of the largest non-financial companies listed on the Nasdaq, reflects MicroStrategy's growing prominence in the tech and cryptocurrency sectors. This strategic investment in Bitcoin, led by CEO Michael Saylor, underscores the company's commitment to cryptocurrency as a core part of its corporate strategy, aiming to leverage Bitcoin's potential for long-term value appreciation.

Read the Full YAHOO!Finance Article at:
[ https://finance.yahoo.com/news/microstrategy-stock-jumps-on-latest-bitcoin-buy-nasdaq-100-addition-173807090.html ]
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