Shares of Microstrategy, the company owned by renowned Bitcoiner Michael Saylor, soared after the company said it bought billions worth of Bitcoin.
Microstrategy’s stock rose by almost 25% after announcing on Nov. 18 that it purchased $4.6 billion worth of Bitcoin. Microstrategy shares have soared by more than 500% year to date, beating most stocks in the S&P 500, according to data from Yahoo Finance.
This performance shows that Microstrategy’s decision to use Bitcoin as a reserve currency is currently paying off. With the addition of the recent purchase, MicroStrategy now holds 331,200 BTC.
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#undefined [Source: TheDefiant]