#SaylorStrategy
MicroStrategy soars 24% after the bitcoin rebound.
Shares of MicroStrategy Incorporated (MSTR) soared 24.0%, marking a violent recovery after plummeting 17% the previous day.
The movement was a direct reflection of the chaos in the cryptocurrency markets, where Bitcoin fell below $67,000 before surpassing $70,000 again within hours.
Investors are treating MicroStrategy like a leveraged Bitcoin ETF, with shares moving 2-3 times faster than the underlying asset due to its enormous treasury fueled by debt.
During the fourth-quarter earnings presentation, CFO Andrew Kang revealed that the company currently holds 713,502 Bitcoin, representing approximately 3.4% of all Bitcoin that will ever exist.
Despite reporting a net loss of $12.6 billion due to the fair value accounting of its cryptocurrencies.
