MicroStrategy Rips 11.87% as Bitcoin Tops $80K, Sets Up $175 Target
MicroStrategy Inc., still commonly known as MicroStrategy, experienced its best session in weeks after trading at $147.95 on Friday, up $15.70 or 11.87% from Thursday's $132.25 close, on 20.0 million shares.
The company's stock volume pushed it onto the list of the day's most active names alongside Nvidia, Intel and SpaceX, adding $6.2 billion in market value and lifting Strategy to $58.8 billion.
The engine driving this move is Bitcoin, which climbed 5.42% to $80,858, breaking through $80,000 at the U.S. open after the SEC granted a five-year exemption for tokenized stock trading on regulated venues.
Strategy gained 2.2 times bitcoin's percentage move, exactly what the stock is built to do, with 845,050 BTC on its balance sheet, more than 4% of Bitcoin's 21 million supply cap.