Strategy (MSTR), the business intelligence firm led by Michael Saylor, has set a new all-time high (ATH) in market capitalization. In an update shared with the broader financial industry, Strategy reported that it closed the trading session yesterday with a new market capitalization of $129 billion.
Bitcoin bet proves profitable as rally boosts MSTR
This marks a significant development for the firm, which has placed heavy bets on Bitcoin (BTC). It signals that many investors are buying into its stock following massive exposure to Bitcoin. As reported by U.Today, Strategy recently added 4,225 BTC to its holdings.
The recent accumulation has taken Strategy’s total holdings to 601,550 BTC, valued at over $73.24 billion. This recent purchase was notable given that it was the first after a 14-day break from the firm’s weekly purchases of the coin.
With the new ATH set by Strategy, it signals that the firm’s pivot to Bitcoin is paying off, away from its original business intelligence and software focus. The latest peak might have been triggered by the current bullish rally of the flagship cryptocurrency on the market.
Notably, Bitcoin hit an ATH of $123,091 recently on the back of a sustained bullish rally. As of press time, Bitcoin was trading at $118,806.83, representing a 0.15% decline over the last 24 hours. The current price is a result of volatility following a peak of $120,065.52 in earlier trading.
Saylor’s vision delivers $10.5 billion gains to shareholders
Interestingly, less than 72 hours ago, Michael Saylor had announced that Strategy generated $10.5 billion gains for MSTR shareholders. This confirms that Strategy’s decision to pivot to Bitcoin is yielding substantial profits for the firm’s shareholders.
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The firm has maintained an aggressive accumulation approach to BTC since August 2020, issuing convertible notes to fund some of its Bitcoin investments partially. Saylor has maintained that Strategy would not be selling its holdings but would continue accumulating.
In a recent bullish post, Saylor wrote, “Bitcoin Abides” with investors looking for more bullish MSTR stock breakout.