Why MicroStrategy Stock Jumped 27% in December
Shares of enterprise software company (NASDAQ: MSTR) jumped 26.8% in December, according to data provided by S&P Global Market Intelligence. While the company technically has an enterprise software business, it's become more of a holding company for cryptocurrency Bitcoin (CRYPTO: BTC) in recent years. And Bitcoin is why MicroStrategy stock is up.
In the first place, the price of Bitcoin was up nearly 12% in December. It was a nice finish to a year in which the price increased 154%.
For its part, MicroStrategy owned nearly 175,000 Bitcoins at the start of December, the value of which increased nearly 12% for the month, boosting the stock price. However, the company also bought an additional 14,620 Bitcoins during the month, increasing its holding by around 8%.
Source Fool.com
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