- The biggest publicly traded corporate bitcoin holder, business analytics firm Microstrategy, saw its share price reach a record high on Monday.
- On the NASDAQ, MSTR finished at $340 a share, but on Monday, it hit a high of $350.
- In March 2000, the stock movement surpassed the company’s record high of $333.
According to NASDAQ data, the share price of business intelligence company Microstrategy hit a record high of $350 on November 11.
Monday’s unprecedented price climb for bitcoin coincides with the firm’s stock jump. Earlier in the day, the cryptocurrency surpassed the $85,000 price mark.
According to Bloomberg Senior ETF Analyst Eric Balchunas on the social media platform X, Microstrategy achieved a record $12 billion in volume in a single day, which is six times the amount that JP Morgan or General Electric traded.
The biggest corporate bitcoin holder that is openly traded is Microstrategy. The company said Monday morning that it has spent more than $2 billion to purchase an additional 27,200 bitcoin, increasing its total holdings to 279,420 bitcoin via its subsidiary.
The price of bitcoin was $88,064 on November 11.
In 2000, MSTR fell from its prior peak
In 2000, the stock of Microstrategy hit a record high of $333. In late March 2000, the company was compelled to restate its financial records for the fiscal years 1998 and 1999, and eventually 1997 as well.
In a statement released on December 14, 2000, the Securities and Exchange Commission claimed that the company had exaggerated its sales throughout the three-year period and had deducted $66 million from the $365 million that was initially disclosed.
Of these restored revenues, almost $54 million (about 80%) occurred in 1999.
In addition, the agency brought civil injunction cases against three of Microstrategy’s top executives for inflating the company’s earnings and revenues.
Microstrategy co-founder and CEO Michael Saylor was one of the three.
He also paid a $350,000 civil penalty and $8.28 million in disgorgement.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
