MicroStrategy's bitcoin bet produces over 300% gain for investors in 2023
Publishing timestamp: 2023-12-26 08:30:01
Summary
MicroStrategy's stock has soared 337% in 2023, outperforming most U.S. companies valued at $5 billion or more. The company's growth is largely attributed to its bitcoin holdings, which make up the majority of its value. MicroStrategy began accumulating bitcoin in 2020 and now holds roughly 174,530 bitcoins worth about $7.65 billion. The stock's appeal is primarily due to its bitcoin investments, and its market cap is tied directly to the value of bitcoin. Despite its success, MicroStrategy's stock is still below its peak in 2021. The company's CEO expects the bull market in bitcoin to continue, and the prospect of bitcoin ETFs poses little threat to MicroStrategy. The company's software business is also a positive factor, generating cash flow that allows for more bitcoin purchases. Short sellers have lost billions on MicroStrategy, and the company continues to buy more bitcoin.
Sentiment: POSITIVE
Tickers: BLK, BTC.CB=, META, MARA, MSTR, COIN, GBTC, NVDA,
Keywords: breaking news: technology, marathon digital holdings inc, grayscale bitcoin trust (btc), meta platforms inc, business news, bitcoin/usd coinbase, technology, nvidia corp, cryptocurrency, microstrategy inc, coinbase global inc,