The stock of MicroStrategy (MSTR) has risen 27% in two days as the value of the software firm’s stake in Bitcoin (BTC) reaches $11 billion U.S.
The company said on Feb. 26 that that it had acquired an additional 3,000 Bitcoins for a total price of $155 million U.S. between Feb. 15 and Feb. 25.
MicroStrategy now owns a total of 193,000 Bitcoins worth $11 billion U.S. based on the current price of the largest cryptocurrency by market capitalization.
With Bitcoin’s price trading at $57,000 U.S., its highest level in two years, MicroStrategy’s stock rose 17% on Feb. 26 and another 10% on Feb. 27 to close at $871.80 U.S.
Founded in 1989, MicroStrategy has a focus on business intelligence software. However, its shareholder value is almost entirely tied to its Bitcoin stake.
The company is the world’s largest holder of Bitcoin, or any cryptocurrency for that matter.
Investors have turned bullish on Bitcoin after regulators in January approved spot BTC exchange-traded funds (ETFs) for the American market.
Also boosting sentiment is an upcoming halving event in April, which occurs every four years and sees the production of Bitcoin cut in half.
Bitcoin’s price is now up 141% in the last 12 months. MicroStrategy’s stock has gained 232% in the past year.
