In what is a massive moment for the Michael Saylor-led firm, MicroStrategy has seen its stock hit a new high as Bitcoin is surging to the end of the month. Indeed, MSTR saw its stock price reach its highest level in 24 years as Bitcoin has recently broken through the $71,000 mark.
There are few in business who have been as firm in their support and advocacy of BTC as Michael Saylor has. Moreover, his embrace of the asset is a massive reason why MicroStrategy has enjoyed the success it has in 2024. If Bitcoin can set new price marks in the coming month, this could be just the beginning for the company.
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MicroStrategy Hits Highest Stock Price in 24 Years as Bitcoin Eyes Similar Move
2024 may prove to be the year of Bitcoin. In January, the asset became the first crypto-based ETF in the United States. With asset managers like BlackRock and Fidelity getting in on the token, its potential seemed limitless. Just three months after approval, the asset reached an all-time high of $73,000.
Although the price of BTC has settled down, October looks to be pushing it back toward record highs. That reality has been hugely beneficial for some of the asset’s most stargent defenders. Chief among them is Michael Saylor, whose MicroStrategy (MSTR) has reached an all-time high stock price, with Bitcoin looking to do the same.
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The stock surged nearly 9% Tuesday, to reach highs of $260. That is the culmination of a tremendous growth year for the company. Throughotu 2024, the stock has climbed a remaralbe 470%. Interestingly, that outpaces the growth of Bitcoin itself.
MicroSTrategy’s Bitcoin accumulation strategy has been huge for its success this year. However, so too has investment into the company. Indeed, $10 trillion asset manager BlackRock recently upped its investment into the company. Specifically, its stake in MSTR was increased to 5.2%, showing the clear class of institutional interest that the firm is generating.