MSTR: MicroStrategy Stock Jumps 5% as Traders Swoop In After Steep Selloff

It’s the riskiest corporate gamble in modern times — MicroStrategy is converting all it can into Bitcoin. And then more Bitcoin.

• MicroStrategy stock MSTR jumped 5% at the opening bell Tuesday following a steep 8% decline to kick off the trading week. The company’s shares have been seesawing, gyrating around Bitcoin’s volatile prices due to the growing relationship between the two assets. The gain in early trading today comes as a rebound from the selloff, which was triggered by … you guessed it … another Bitcoin play.
• MicroStrategy said Monday it had conducted a sale of more than 592,000 company shares in the time span December 23 to December 29. How much did it raise through that sale? $209 million. The software firm announced that at the same time it purchased 2,100 Bitcoin. The price of those tokens? Just about $209 million with an average tag of about $100,000 per coin. Oddly specific? Yes. Surprising? Not really.
• Michael Saylor, the man behind the company, is orchestrating the whole thing. And he’s the biggest Bitcoin maxi out there, swearing that the orange coin is the future and it will take down all the big banks. Saylor has been squeezing his company’s assets in efforts to convert everything into Bitcoin. So far, MicroStrategy has purchased 446,000 Bitcoin worth a total of $42 billion and about $12 billion of that is profit.