MicroStrategy (MSTR) Reaches New Record High After 24 Years as Bitcoin (BTC) Hits $87K

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shares of business intelligence firm MicroStrategy (MSTR) hit a new record high of $341 earlier today after surging by as much as 25% within just one trading session. 

Meanwhile, Bitcoin has surged above the $87,000 level for the first time, peaking at $87,293. 

It took the company a whopping 24 years to record a new record high. MicroStrategy was the darling of the dot-com bubble in the late 90s. However, the company's shares collapsed in 2000 after it had to restate its earnings. Michael Saylor, the former CEO of the high-flying software company, famously lost as much as $6 billion in a single day.  

However, the company managed to reinvent itself back in 2020 by adopting the largest cryptocurrency as its treasury reserve asset and basically turning itself into a leveraged Bitcoin proxy. 

Now, the company is already valued at $68 billion, surpassing Equinor, Porsche, Royal Caribbean, and Mizuho Financial Group. 

As reported by U.Today, MicroStrategy announced a $2 billion purchase earlier today. Its total holdings currently stand at $24.2 billion.