1/6/2021 8:22:58 AM GMT
MicroStrategy's stock value skyrockets by 200% since its investment in Bitcoin.
The correlation of MSTR to NDX remains at zero but has grown by 67% to Bitcoin.
MicroStrategy Incorporated (Nasdaq: MSTR) stood out in 2020 as one of the companies that went all-in on Bitcoin as an investment asset. The company's core business is intelligence while it is publicly traded on Nasdaq.
Following the investment, MSTR's correlation to Bitcoin (BTC) has grown by 67%. In addition to that, its stock has increased in value by a massive 200%.
MicroStrategy reaps the fruits of investing in Bitcoin
On December 21, MicroStrategy purchased an additional 29,646 BTC for roughly $650 million. The coins were bought in cash as per the terms provided by the Treasury Reserve Policy at an average cost per coin of $21,928.