MicroStrategy (MSTR) Stock Hits New Highs, Speculation Grows the BI Firm Might Make a Fresh Bitcoin Acquisition Move

MicroStrategy (MSTR), the business intelligence firm's bet on Bitcoin, is paying off. In a milestone achievement for the corporate holder of BTC, the firm's stock has hit a six-month high.

Business intelligence firm MicroStrategy (NASDAQ:MSTR) is hitting new highs in the stock market, thanks to its bet on Bitcoin (CRYPTO:BTC).

What Happened: At the peak of Monday’s trading session, MicroStrategy soared to new heights. For the first time in six months, MSTR stock surpassed the $190 mark. This is an encouraging sign for investors, as the software and cloud services company has shown a massive appetite for Bitcoin.

Over the years, MicroStrategy has remained bullish on Bitcoin and continues to accumulate it despite market volatility. There is now speculation that MicroStrategy might make a fresh Bitcoin acquisition move following its stock rally.

To do this, the business intelligence firm could take on more debt to purchase additional BTC. This projection lies in the increasing demand for MicroStrategy’s notes.

For clarity, MicroStrategy periodically raises funds for Bitcoin acquisition. The money is usually raised by issuing Convertible Senior Notes to interested qualified investors. The company then invests the funds paid to acquire the notes to buy more Bitcoin.

This aligns with its philosophy that Bitcoin remains the best bet against inflation and a long-term store of value. With more than 1,300% gain since its Bitcoin adoption in August 2020, MicroStrategy’s success story has resonated with investors.

Will MicroStrategy Embark on New Bitcoin Accumulation? If the above scenario plays out and MicroStrategy buys more BTC, a price rally for the coin is possible. Some of MicroStrategy’s convertible notes will mature in 2032. So, investors are likely to get a similar maturity timeline.

Since MicroStrategy has not made a statement, the broader crypto space remains cautious about the firm’s next move.

Notably, the prices of crypto stocks and Bitcoin are mutually linked, with one affecting the other. So, any signal that MicroStrategy will hit the market on a Bitcoin accumulation spree could trigger a price rally.

MicroStrategy’s accumulation of the digital asset is not determined by lower prices alone. The company may decide to buy even at the current price of Bitcoin.

Meanwhile, in the digital asset market, Bitcoin has not been able to maintain a steady climb above the $64,000 level.

Despite the huge anticipation that greeted the historical month of October, or “Uptober,” Bitcoin has exhibited volatility. The price has fluctuated between $60,000 and $64,000 over the past week. However, MicroStrategy’s stock performance could help break the price resistance that Bitcoin has experienced since the beginning of October.

With increased demand for Bitcoin, this could happen faster. At the time of writing, data shows Bitcoin price trading at $62,708.69, a 0.47% drop in the last 24 hours

Japanese Firm Follows MicroStrategy’s Lead: Another firm, Metaplanet, a Japanese company, is also betting on Bitcoin. As observed, Metaplanet is likely following MicroStrategy’s playbook and has demonstrated confidence in Bitcoin’s future performance.

In a significant move, Metaplanet acquired over 108 Bitcoin units valued at about ¥1 billion or $6.7 million. Like MicroStrategy, the Japanese firm has not allowed price to hinder its steady accumulation plans. Metaplanet now has over 639 Bitcoin tokens as part of its long-term investment strategy.

Market watchers speculate that given MicroStrategy’s stock performance, Metaplanet might be motivated to invest more in the digital asset.

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