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MicroStrategy(MSTR.US) rose over 2% as crypto-related stocks climbed

Market IntelMonday, Dec 16, 2024 10:10 am ET

1min read

MicroStrategy(MSTR.US) and Riot Platforms(RIOT.US) rose more than 2%, Canaan Technology(CAN.US) rose more than 3%, Coinbase(COIN.US) rose more than 3%, Hut8(HUT.US) and Bakkt Holdings(BKKT.US) rose more than 6%, Bitdeer Technologies(BTDR.US) rose more than 10% on Monday. MicroStrategy bought another $150 million worth of bitcoin through the sale of stock, its sixth consecutive week of bitcoin purchases. It now owns about $4.5 billion worth of bitcoin. MicroStrategy announced on Friday that it will be added to the Nasdaq 100 index on December 23. The decision to add the company to the Nasdaq 100 index marks institutional recognition of its controversial founder Michael Saylor. According to a filing by the SEC on Monday, MicroStrategy acquired 15,350 bitcoins at an average price of about $100,386 from December 9 to December 15. As the company accelerates its bitcoin purchases, its stock has risen more than 500% this year. MicroStrategy aims to raise $42 billion over the next three years through the sale of stock and the issuance of convertible bonds on the market, which will be used to buy more bitcoin.

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