MicroStrategy, a business enterprise firm that has been actively investing in Bitcoin, recently reached a two-year high with its stock closing comfortably above $500. Their bullish take on Bitcoin has proved a winning strategy as their stock price has doubled and their holdings of the cryptocurrency have continued to increase, now at approximately 0.75% of Bitcoin's total circulating supply. With CEO Michael Saylor's outlook on Bitcoin being that demand and supply is set to increase, the future looks promising for the company with an estimated market cap of $7.33 billion. Despite their second-quarter earnings report showing a net loss of $143.4 million, they remain profitable and confident, indicated by the purchase of 6,067 Bitcoin for $167 million.



Other News from Today