MicroStrategy shares resume rise as Bitcoin hits new price records

MicroStrategy’s stock rose by about 18% over two days, as Bitcoin reached price records.

On April 13 at the close, MSTR traded at $848.54. At that level the shares traded in late February after hitting a peak at $1,272.94.

Ahead of the April 14 trading session, the market priced MSTR at $889.

In August 2020, MicroStrategy, a provider of business analytics software, became the first publicly traded company to convert part of its equity worth $250 million into Bitcoin. At the time, the company’s shares traded around $120.

The company continued to invest in Bitcoin not only from its reserves but also by tapping debt financing. In December, MicroStrategy issued bonds for $650 million, and in February 2021 — for more than $1 billion.

According to Bitcoin Treasuries, the company holds 91,579 BTC with a value of about $5.9 billion. The firm’s market capitalization is roughly $8.1 billion, with a 73% share of assets in the first cryptocurrency.

Earlier, Britain’s largest bank HSBC confirmed a ban on buying MicroStrategy shares through its HSBC InvestDirect platform. A bank spokesperson said the financial conglomerate has no desire to invest directly in virtual currencies and that interest in financial products related to such assets is limited.

Earlier, on 12 April, the MicroStrategy board approved a plan to pay bonuses in bitcoin.

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