MicroStrategy Shares Reach 24-Year High

On March 26, MicroStrategy’s market capitalization reached a new high of $31.85 billion, the highest since March 2000. This daily increase of 1.13% was driven by Bitcoin’s recovery to $70,000.

The stock closed the day at $1877, setting a new intraday record of $1909.5.

Since the beginning of the year, MicroStrategy’s market capitalization has nearly tripled, with a 135.7% increase in the last month alone.

Interest in the company’s shares is fueled by the cryptocurrency market rally and the firm’s Bitcoin strategy.

On March 19, it was revealed that the company made another purchase of coins. MicroStrategy added 9245 BTC to its holdings, spending $623 million. The company’s cryptocurrency reserves have reached 214,246 BTC, exceeding 1% of the total issuance of digital gold.

MicroStrategy used proceeds from the issuance of convertible senior notes amounting to $592.3 million, along with $30.7 million of its own cash.

The 214,246 BTC held by the company are valued at $14.98 billion, according to BitcoinTreasuries. The unrealized profit is approaching 100%.

Previously, its founder Michael Saylor stated that in the near and long term, the firm does not intend to sell its holdings of the first cryptocurrency.

MicroStrategy plans to refocus as a “Bitcoin and Bitcoin-based product development company.” Since its inception, it has concentrated on creating and supporting analytical software.