MicroStrategy’s stock value is rising along with the rising Bitcoin price

MicroStrategy (MSTR) shares hit a monthly high on TuesdayWhile the attraction of Bitcoin (BTC) to crypto project inventories continued to grow after another record rally for the digital asset.

The business intelligence company’s shares hit an intraday high of $ 770 on the New York Stock Exchange.This corresponds to an increase of 10% and is thus the highest level since March 11th. With current values MicroStrategy has a total market capitalization of $ 7.5 billion.

Even with the last price increase, The MSTR is still well below the all-time highs reached in early February. The stock hit a high of $ 1,315 on February 8, before falling below $ 1,000.

MicroStrategy stock rose sharply on Tuesday. Chart over TradingView
MicroStrategy’s stock value is rising along with the rising Bitcoin price
MicroStrategy’s stock value is rising along with the rising Bitcoin price

The MSTR rally took place when Bitcoin topped $ 63,000 for the first timeand sets a new all-time high. Although MicroStrategy’s underlying business has nothing to do with Bitcoin or cryptocurrencies, the company has become a standard bearer for BTC after its CEO. Michael Saylor decided to turn a large portion of the company’s balance sheet into a digital asset.

The company now owns 91,579 BTCvalued at approximately $ 5.800 million at current prices.

A filing with the United States Securities and Exchange Commission (SEC) was made on Monday announced that MicroStrategy Board of Directors will receive bonus payments in BTC rather than cash. The modified Form 8-K reads:

“From now on, unemployed directors will receive all fees for serving on the company’s board of directors in bitcoin instead of cash.”

MSTR wasn’t the only crypto project inventory to surge on Tuesday. Riot Blockchain (RIOT) was up 10% and Marathon Digital Holdings (MARA) was up 6%.

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