As soon as the Bitcoin price rallied 10% reaching $57,000, MicroStrategy made a similar move on Wall Street on Tuesday, February 27. The MicroStrategy (NASDAQ: MSTR) share price surged by 9.46% on Tuesday, ending the trading session at $871.
MicroStrategy (MSTR) Leads Bitcoin
Since the beginning of 2024, Microstrategy and Bitcoin have delivered very similar returns with both gaining 28% so far in 2024. However, over the last year, MSTR has considerably outperformed Bitcoin. While Bitcoin is up by 141% on the yearly chart, the MSTR stock has gained 242% at the same time.
One of the biggest reasons behind this MSTR stock rally is the company’s massive Bitcoin holdings on its balance sheet. The company’s executive chairman Michael Saylor said that they would never stop more Bitcoin in the future. Besides, the company’s stock price remains closely associated with the Bitcoin price movements. Furthermore, the company’s total Bitcoin holdings value now crosses $10 billion, of which $
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