Is MicroStrategy’s Bitcoin strategy working? MSTR hits $196 near ATH

Diversified cloud-based services provider MicroStrategy’s shares traded at $196 earlier today, 2% shy of its all-time high, supported by its Bitcoin acquisition strategy adopted in 2020.

According to its latest filing last month, the company now holds 252,220  bitcoins which represents 1.2% of the overall Bitcoin supply.

MicroStrategy started stashing Bitcoin in August 2020, driving its stock to a 1,208% surge, pacing faster than Bitcoin itself, which has risen by 445%.

The company has continued to capital raise for more Bitcoin acquisitions under the leadership of Michael Saylor.

To date, MicroStrategy holds $16 billion worth of Bitcoin, with an average purchase price of over $39,000 per Bitcoin. Bitcoin’s obtaining market price is pegged at $62,000.

This is a developing story