MicroStrategy's shares surge over 23% as bitcoin portfolio exceeds $13 billion

Published 1 minute earlier on

Quick Take

MicroStrategy, which owns 193,000 bitcoin, had its shares skyrocket by more than 23% on Monday as the price for the cryptocurrency trade above $67,000.
The company’s stock of bitcoin exceeded a value of $13 billion.

MicroStrategy, the business intelligence firm best known for commitment to stockpiling bitcoin, saw its shares leap by 24% on Monday as the price of the world's most popular cryptocurrency by market cap passed $67,000.

At market close, MicroStrategy's shares traded at $1,334.01, according to Yahoo Finance, though it immediately tumbled by roughly $100 from that amount just a minute after the bell. The company's massive portfolio of bitcoin is currently worth more than $13 billion. As of 4:05 p.m. ET, bitcoin was up 7.5% in the past 24 hours and trading at a price of $67,624, according to The Block Price Page.

Helmed by Michael Saylor, MicroStrategy first began buying bitcoin in earnest in 2020. Since then, with a market cap north of $22 billion, the company's value has experienced a more than tenfold increase.

MicroStrategy's total bitcoin holdings reached 193,000 on Feb. 26, after it bought an additional 3,000, worth $155 million at the time. The previous month, the firm purchased 850 BTC for $37.2 million.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.