April 25, 2024
Crypto

MicroStrategy Bought $615 Million in Bitcoin. It Joins Coinbase in a Crypto-Stock Rally.


Coinbase Global and MicroStrategy were leading a raft of cryptocurrency-related stocks higher on Wednesday. The companies were among those being boosted by Bitcoin’s rally and MicroStrategy pouring more money into the asset.

Coinbase shares were up 6.1% at $182.53. The cryptocurrency exchange is trading at its highest levels since early 2022 and has outpaced the rise of Bitcoin.

Coinbase

Global and

MicroStrategy

were leading a raft of cryptocurrency-related stocks higher on Wednesday. The companies were among those being boosted by Bitcoin’s rally and MicroStrategy pouring more money into the asset.

Coinbase

shares were up 6.1% at $182.53. The cryptocurrency exchange is trading at its highest levels since early 2022 and has outpaced the rise of Bitcoin.

MicroStrategy
,

a business intelligence company founded and chaired by Bitcoin bull Michael Saylor, was up 2.5%.

Saylor said Wednesday that MicroStrategy had bought 14,620 Bitcoin for around $615.7 million, at an average price of $42,110 each.

MicroStrategy now holds 189,150 Bitcoin, acquired at an average price of $31,168 per bitcoin, Saylor said. MicroStrategy has emerged as one of the few companies to hold significant quantities of crypto, and Bitcoin’s rally this year has buoyed its finances.

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Other cryptocurrency-related stocks were also climbing. Bitcoin miner

Marathon Digital

was up 8.4% and peer

Riot Platforms

gained 3.7%.

Write to Adam Clark at adam.clark@barrons.com



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