MicroStrategy stock climbed as much as 16.25% during intraday trading on Friday, April 17th. The surge followed a Bitcoin rally that saw the cryptocurrency exceed $77,000 and approach $78,000. This price level represents a two-month high for the digital asset.
The rally pushed MicroStrategy’s cryptocurrency holdings to an estimated unrealized profit of $1.37 billion. Bitcoin’s price moved above the company’s average purchase cost, reversing previous positions. Investors frequently use MicroStrategy as a leveraged proxy for Bitcoin to amplify price movements.