HomeCryptocurrenciesMicrostrategy Stock Reaches Two-Year-High Thanks to Surging Bitcoin Prices

Microstrategy Stock Reaches Two-Year-High Thanks to Surging Bitcoin Prices

Michael Saylor must be feeling quite good at the moment. The famous cryptocurrency bull has seen the stock of his company Microstrategy reach a two-year-high at the end of last week, thanks to surging Bitcoin prices.

Under Saylor’s guidance, Microstrategy started accumulating large amounts of Bitcoin in 2021. While the company had some rough times due to this strategy, which led to Saylor giving up his CEO role, it looks like it is finally paying off.

After dropping under 20K early in the year, Bitcoin enjoyed a steady rise in recent months. It surpassed the 30K mark in October and reached $37,885 per coin last month, its highest since April 2022.

As a result, Microstrategy’s stock has been on an upward trajectory and closed at $524.20 per share on Friday. The last time the company’s shares were above $500 was back in December 2021 before reaching a low of $141.57 in late 2022.

Microstrategy is believed to have 158,400 Bitcoins in its portfolio, with its holdings being valued at around $5.6 billion. The business intelligence company purchased its coins for an average price of $29,803, meaning its investment resulted in close to $1 billion in profit at the moment.

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