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Here's Why MicroStrategy Stock Went Up Today

TheMotleyFool 
0 0 24.02.21
Here's Why MicroStrategy Stock Went Up Today:
 

Shares of MicroStrategy (NASDAQ: MSTR) went up today because the price of Bitcoin (CRYPTO: BTC) starting recovering from yesterday's plunge. The company already owned a ton of tokens. But it officially owns a lot more now, according to today's press release. As a result of its increasing correlation to Bitcoin, the stock was up almost 9% as of 10:30 a.m. EST.

Recently, MicroStrategy offered $1 billion in convertible notes with the express purpose of buying more Bitcoin tokens. The offering was completed last Friday, and the company apparently went right to work buying up Bitcoin. It used its new cash to buy over 19,000 new tokens, taking its total to 90,531. 

Image source: Getty Images.

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Source Fool.com

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