Shares MIcroStrategy Inc.
MSTR,
+3.06%
surged 2.9% in afternoon trading Friday, to put them on track to close at the highest price since March 29, 2022. The software company and bitcoin play‘s stock was headed for a 10th straight gain, which would be the longest win streak since the 10-day stretch that ended Feb. 13, 2015, according to Dow Jones Market Data. The stock has gotten a boost from the recent surge in bitcoin
BTCUSD,
+1.16%,
which was rallying 2.1% toward the highest close since May 2022, amid growing optimism that a bitcoin ETF will be approved soon. MicroStrategy said earlier this month that it held 158,400 bitcoin as of Oct. 31, at a total cost of $4.69 billion, or $29,586 per bitcoin, which is 20.5% below current bitcoin prices. And the correlation coefficient between MicroStrategy’s stock and bitcoin over the past year is 0.90, according to a MarketWatch analysis of FactSet data, whereas a correlation of 1.00 means they move exactly in tandem. Over the past three months, MicroStrategy’s stock has run up 34.5% and bitcoin has surged 26.7%, while the S&P 500
SPX,
+1.56%
has slipped 1.5%.
Read the full article here