- The move comes bitcoin rallied sharply on Sunday, when the stock market was closed.
- The crypto rally coincided with President Donald Trump’s announcement that the U.S. would create a strategic crypto reserve, which would include bitcoin and four other coins.
Shares of Strategy rose sharply on Monday as the bitcoin proxy stock followed up the cryptocurrency rally over the weekend.
The stock jumped more than 13% in trading. The company, formerly known as MicroStrategy, has been buying bitcoin for its balance sheet over the past several years and has increasingly begun to trade in tandem with the leading cryptocurrency.
The move comes bitcoin rallied sharply on Sunday, when the stock market was closed. Bitcoin was trading above $93,000 on Monday, up from around $86,000 on Sunday. It was below $80,000 as recently as Friday.
The crypto rally coincided with President Donald Trump‘s announcement that the U.S. would create a strategic crypto reserve, which would include bitcoin and four other coins. This could help drive the price of bitcoin higher, depending on how large the reserve ends up being.
“In our view, a big beneficiary of the bitcoin reserve (bitcoin will still be the lion’s share of the reserve) is MSTR. MSTR’s corporate Bitcoin reserve stands today at ~500K BTC ($47Bn; ~2.5% of Bitcoin supply). This would further open up capital market access for MSTR and hyper-scale its Bitcoin strategy,” Bernstein analyst Gautam Chhugani said in a note to clients.
On Monday morning, Strategy disclosed that it did not sell any common stock between Feb. 24 and March 2 under an at-the-market offering plan. Strategy also did not purchase any bitcoin during that period.
The company held 499,096 bitcoin as of Sunday.
