By Mackenzie Tatananni

MicroStrategy stock rose Monday after the world's largest corporate holder of Bitcoin said it had snapped up even more of the digital currency.

The company, which does business as Strategy, revealed in a Form 8-K that it had acquired 3,459 Bitcoins for roughly $285.8 million, or around $82,618 per Bitcoin, in the period between April 7 and April 14.

The latest purchase brought MicroStrategy's total holdings to 531,664 units of the digital currency, with an aggregate purchase price of $35.92 billion.

Shares were up 2.4% to $307.26 on Monday while the S&P 500 and tech-heavy Nasdaq Composite rose 1.2% and 1.4%, respectively. The stock closed up 10% on Friday.

In its most recent filing with the Securities and Exchange Commission, MicroStrategy reported that it had sold 959,712 Class A shares through its common stock at-the-market program for around $285.7 million.

The company uses proceeds from its common stock ATM and STRK ATM to fund its Bitcoin purchases. As of April 13, $2.08 billion of common shares and $20.97 billion of STRK shares were available for issuance and sale.

While MicroStrategy focused on enterprise software at the time of its inception nearly four decades ago, it has increasingly leaned into its reputation as a leveraged play on Bitcoin. The rebranding to Strategy was unveiled in early February, complete with a new logo featuring a small Bitcoin symbol.

MicroStrategy has outperformed the broader market this year, rising 6.1% as the S&P declined 7.8%. Its performance is closely tied to fluctuations in the price of Bitcoin, which was up 0.9% over the past 24 hours to $84,682, according to CoinDesk data.

The company has also outpaced funds that offer exposure to Bitcoin, such as the iShares Bitcoin Trust ETF. As of April 11, the BlackRock-owned ETF had lost nearly 11% this year.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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April 14, 2025 10:10 ET (14:10 GMT)

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