MSTR stock jumped 12.15% on Wednesday, reaching $103.76 after briefly touching $106.90, as Bitcoin's sudden recovery boosted crypto-linked stocks. The stock's strong session comes after months of decline, with its price falling from near $190 in May to around $90.
Bitcoin Price Impact
The Bitcoin price rise, which saw the cryptocurrency gain 5.59% and move from below $65,000 to nearly $70,000, provided the backdrop for the stock price move. As MSTR owns 840,447 BTC, the company's stock has become a way for investors to gain exposure to Bitcoin without buying it directly.
Saylor's Warning
Michael Saylor has warned investors to prepare for potentially 'difficult years' ahead, suggesting that common shareholders may need to think over a period as long as ten years. Despite the rally, MSTR still remains well below its May levels.
Recent Developments
In recent weeks, Strategy has made changes to its Bitcoin holdings, selling 1,690 BTC for $108.6 million and using the funds to repurchase STRC preferred shares. The company has also raised $653.1 million from MSTR share sales and increased its dollar reserve to $4.65 billion.