94 days ago • Posted by Charles-Henry Monchau

Software company Microstrategy (MSTR) as a Bitcoin (BTC) proxy

Microstrategy (MSTR), a software company specialized in maintenance systems and Business intelligence applications is becoming a play on Bitcoin (BTC). Indeed, Michael Saylor, the CEO, disclosed mid-September that he invested a very large part of the company's cash buffer into Bitcoin. The company bought 38,250 bitcoins with an average price of $11,000. With Bitcoin hitting record high today, this means that nearly $800 million are invested into Bitcoin, which is a fairly large amount for a market cap of $2.5 billion. Consequently, the stock is now seen as a Bitcoin proxy which explains the recent surge including today 20%+ gain. Source: www.investing.com 

#Stocks #Cryptocurrencies
Microstrategy (MSTR) chart