MicroStrategy (MSTR) Surges as It Joins Nasdaq 100 and Buys More Bitcoin

Dec 16, 2024

Cryptocurrency-related stocks rose, with MicroStrategy (MSTR, Financial), Riot Platforms (RIOT), and Canaan (CAN) gaining over 2%, Coinbase (COIN) up more than 3%, and Hut 8 (HUT), Bakkt Holdings (BKKT) climbing over 6%. Bitdeer Technologies (BTDR) surged over 10%.

MicroStrategy announced the purchase of $1.5 billion in Bitcoin through stock sales, marking its sixth consecutive week of Bitcoin acquisitions. The company now holds approximately $45 billion in Bitcoin. It will be included in the Nasdaq 100 index on December 23, reflecting institutional recognition of its founder, Michael Saylor.

From December 9 to December 15, MicroStrategy acquired 15,350 Bitcoins at an average price of $100,386 each, leading to a stock price increase of over 500% this year. The company aims to raise $42 billion in the next three years to buy more Bitcoin.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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