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MicroStrategy Incorporated (NASDAQ:MSTR) shares are trading higher Monday amid a rise in the price of Bitcoin.
The Details:
Bitcoin completed its fourth halving event last Friday and is currently trading up 1.56% over the last 24 hours.
Microstrategy CEO Michael Saylor sees the halving as a catalyst for the price of bitcoin due to decreased selling pressure which will allow the price to go up.
“You're going to see $12 billion of natural selling per year converted into $6 billion of natural selling per year,” Saylor said.
Microstrategy holds more than 214,000 bitcoin, equal to more than 1% of the entire supply, with an average purchase price of approximately $35,000. Most recently, the company used a $700 million convertible bond offering to purchase more Bitcoin in March.
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MSTR Price Action: According to Benzinga Pro, Microstrategy shares are up 12% at $1,314.75 at the time of publication Monday.
Image: Reto Scheiwlliier from Pixabay
Posted In: MSTR
