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Shares of business intelligence firm MicroStrategy (MSTR) hit a new record high of $341 earlier today after surging by as much as 25% within just one trading session.
Meanwhile, Bitcoin has surged above the $87,000 level for the first time, peaking at $87,293.
It took the company a whopping 24 years to record a new record high. MicroStrategy was the darling of the dot-com bubble in the late 90s. However, the company’s shares collapsed in 2000 after it had to restate its earnings. Michael Saylor, the former CEO of the high-flying software company, famously lost as much as $6 billion in a single day.
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However, the company managed to reinvent itself back in 2020 by adopting the largest cryptocurrency as its treasury reserve asset and basically turning itself into a leveraged Bitcoin proxy.
Now, the company is already valued at $68 billion, surpassing Equinor, Porsche, Royal Caribbean, and Mizuho Financial Group.
As reported by U.Today, MicroStrategy announced a $2 billion purchase earlier today. Its total holdings currently stand at $24.2 billion.