Why Shares of MicroStrategy Incorporated Are Rising This Week
For the week, shares of business intelligence specialist and Bitcoin buyer MicroStrategy Incorporated (NASDAQ: MSTR) traded 8.5% higher as of 2:04 p.m. ET Thursday, according to data provided by S&P Global Market Intelligence. There was no obvious reason behind the move.
It's hard to say exactly what is driving the stock's climb, although the price of Bitcoin is up about 2.65% this week.
Last week, MicroStrategy revealed in a regulatory filing that the company purchased more than 300 Bitcoin tokens between August 2 and September 19 for roughly $6 million, which equates to an average price of less than $20,000 per token. The company now owns about 130,000 Bitcoin tokens worth roughly $3.98 billion, with an average purchase price of $30,639 per token.
Source Fool.com
