Shares of Strategy (NASDAQ: MSTR) took a deep dive on Thursday as Bitcoin (CRYPTO: BTC) prices plunged. Friday saw a reversal of these tightly paired market moves. At 2 p.m. ET, Strategy's stock was up by 22.8% and Bitcoin had gained 10.3% over the same period.

Strategy's stock is back to prices not seen since, you know, Wednesday afternoon. It's still down 71% from last summer's all-time high. Bitcoin has dropped 50% from last October's peak.

This used to be a data analytics software company, but Strategy has revamped its business plan. Management sees Strategy as "the largest corporate holder of Bitcoin and the world's first Bitcoin treasury company" above all else. It holds 713,502 Bitcoins on the balance sheet, worth $49.9 billion at current crypto prices. Strategy's stock trades at a significant discount to these digital holdings with a market cap of $31.0 billion and enterprise value of $43.8 billion.

Continue reading

Source Fool.com