Why Shares of MicroStrategy Were Rising Today

Shares of the business intelligence company MicroStrategy (NASDAQ: MSTR), which also buys and holds a lot of Bitcoin, were more than 10% higher as of 2:54 p.m. ET today after the company said it plans to continue to buy and hold Bitcoin. At the end of the first quarter of this year, MicroStrategy held more than 129,218 Bitcoin tokens, which had a market value of $5.9 billion at the end of the quarter. On top of that, a subsidiary of MicroStrategy recently took out a $205 million loan that is collateralized by Bitcoin.