Shares in Strategy Inc. Jump Premarket as Bitcoin Rises above $71,000
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By Joe Stonor
Shares in Cryptocurrency-holder Strategy Inc jumped premarket after bitcoin rose close to its highest level in a month in early European trade.
Shares in the company, co-founded by Michael Saylor, rose 7.4% to $142.50 in premarket trade.
Strategy, formerly known as MicroStrategy, uses funds raised from shareholders to purchase cryptocurrencies. Bitcoin jumped sharply Wednesday morning, climbing as high as $71,800--close to a one-month high.
The company announced the purchase of 3,015 bitcoins Tuesday at $67,700 a coin.
Despite the rise in bitcoin, Strategy continues to sit on paper losses, as the company's treasury of bitcoins was amassed at an average price just shy of $76,000 a token, regulatory filings said. Shares in the company are down over 63% since the price of bitcoin spiked on Oct. 3 last year.
Write to Joe Stonor at josephmichael.stonor@wsj.com
source: https://www.tradingview.com/news/DJN_DN20260304003281:0-shares-in-strategy-inc-jump-premarket-as-bitcoin-rises-above-71-000/
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