MicroStrategy Bought $615 Million in Bitcoin. It Joins Coinbase in a Crypto-Stock Rally. – Barron’s

Coinbase Global and MicroStrategy were leading a raft of cryptocurrency-related stocks higher on Wednesday. The companies were among those being boosted by Bitcoins rally and MicroStrategy pouring more money into the asset.

Coinbase shares were up 6.1% at $182.53. The cryptocurrency exchange is trading at its highest levels since early 2022 and has outpaced the rise of Bitcoin.

Coinbase Global and MicroStrategy were leading a raft of cryptocurrency-related stocks higher on Wednesday. The companies were among those being boosted by Bitcoins rally and MicroStrategy pouring more money into the asset.

Coinbase shares were up 6.1% at $182.53. The cryptocurrency exchange is trading at its highest levels since early 2022 and has outpaced the rise of Bitcoin.

MicroStrategy , a business intelligence company founded and chaired by Bitcoin bull Michael Saylor, was up 2.5%.

Saylor said Wednesday that MicroStrategy had bought 14,620 Bitcoin for around $615.7 million, at an average price of $42,110 each.

MicroStrategy now holds 189,150 Bitcoin, acquired at an average price of $31,168 per bitcoin, Saylor said. MicroStrategy has emerged as one of the few companies to hold significant quantities of crypto, and Bitcoins rally this year has buoyed its finances.

Advertisement - Scroll to Continue

Other cryptocurrency-related stocks were also climbing. Bitcoin miner Marathon Digital was up 8.4% and peer Riot Platforms gained 3.7%.

Write to Adam Clark at adam.clark@barrons.com

See the article here:
MicroStrategy Bought $615 Million in Bitcoin. It Joins Coinbase in a Crypto-Stock Rally. - Barron's

Related Posts

Comments are closed.