MicroStrategy s Stock Is Tied To Bitcoin s Success Or Failure forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Bitcoin Pushes MicroStrategy Up 113% Since Citigroup Downgrade in December
Feb 1 2021 · 09:40 UTC | Updated
Feb 1 2021 · 09:51 by Ibukun Ogundare · 3 min read
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Despite the fall in BTC price, MicroStrategy CEO remains confident in the company’s constant acquisition of the digital currency.
MicroStrategy Inc (NASDAQ: MSTR) recorded about a 113% increase in its stock since the 8th of December when Citigroup Inc (NYSE: C) downgraded the company’s stock. Over the same period, Citigroup’s stock has dropped from $58.36 to $57.99, recording about a 0.63% decline. Currently, Citigroup is at after-hours trading of 0.03% to $58.01. Citigroup is down nearly 6% in its year-to-date record.
Bitcoin Surges As Microstrategy Buys Another $10 Million zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
1/6/2021 8:22:58 AM GMT
MicroStrategy s stock value skyrockets by 200% since its investment in Bitcoin.
The correlation of MSTR to NDX remains at zero but has grown by 67% to Bitcoin.
MicroStrategy Incorporated (Nasdaq: MSTR) stood out in 2020 as one of the companies that went all-in on Bitcoin as an investment asset. The company s core business is intelligence while it is publicly traded on Nasdaq.
Following the investment, MSTR s correlation to Bitcoin (BTC) has grown by 67%. In addition to that, its stock has increased in value by a massive 200%.
MicroStrategy reaps the fruits of investing in Bitcoin
On December 21, MicroStrategy purchased an additional 29,646 BTC for roughly $650 million. The coins were bought in cash as per the terms provided by the Treasury Reserve Policy at an average cost per coin of $21,928.