MicroStrategy shares rose more than 7% in pre-market trading Wednesday. The surge followed the company's acquisition of approximately 1,000 additional bitcoins. This purchase reinforces MicroStrategy’s status as the largest publicly traded holder of the cryptocurrency.
The company funded the acquisition through increased trading volume in its perpetual preferred stock, STRC. The move occurred alongside a broader rally in the cryptocurrency market. Bitcoin's price climbed above $71,000 during the surge.
Investors continue to utilize MSTR shares as a leveraged proxy for Bitcoin. The stock's valuation remains closely tied to the price fluctuations of the digital asset.