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MicroStrategy’s stock soars toward 3-month higher after bitcoin blasts off

Shares of MicroStrategy Inc.
shot up 26% towards a three-month excessive in afternoon buying and selling Monday, as buyers appeared to cheer the rally in bitcoin. The enterprise software program firm is considered as a bitcoin play as the corporate has disclosed that it makes use of bitcoin as a main treasury reserve asset. In the meantime, bitcoin
not too long ago soared 15.4% to $39,793, within the wake of Amazon.com Inc.
put out an help-wanted advert looking for a “digital foreign money and blockchain product lead.” The corporate mentioned final month that it owned about 105,085 bitcoin as of June 21, which it acquired for $2.74 billion at a mean worth of $26,080 per bitcoin. MicroStrategy’s inventory, which is on monitor to shut on the highest stage since April 16, has soared 76% yr to this point, whereas bitcoin has run up 37% and the S&P 500
has gained 17.6%.

Source: Market Watch

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