Why Strategy Stock Popped by 8% Today
Strategy (NASDAQ: MSTR), formerly known as MicroStrategy, the onetime tech company that pivoted hard into effectively becoming an institutional Bitcoin (CRYPTO: BTC) investor, easily surmounted the hump of Hump Day. The company's shares closed the day almost 8% higher in price, thanks to (unsurprisingly) an increase in the digital coin's value, on general optimism for its future.
That stock price pop was well higher than the S 500's (SNPINDEX: ^GSPC) upward move of 0.5%.
Since Strategy grandly describes itself as "the world's first Bitcoin treasury company," the performance of its stock has much to do with the No. 1 crypto's movements. Comfortingly for the company and its investors, Bitcoin was doing well on the day; as of midafternoon, it had risen more than 3% in value over the preceding 24 hours. In fact, it was approaching its all-time high of $111,000.
Source Fool.com
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