Why Bitcoin-Related Stock MicroStrategy Is Surging

MicroStrategy Inc MSTR shares are trading higher Tuesday amid a weekend increase in cryptocurrency prices, led by Bitcoin BTC/USD.

The cryptocurrency market has been trending lower alongside traditional markets over the last few months. The weekend rally in crypto comes after the broader markets bounced off the lows and moved higher last week.

MicroStrategy owned approximately 129,218 Bitcoin as of March 31, according to data from Benzinga Pro. MicroStrategy's average cost per Bitcoin is approximately $30,700. Bitcoin was trading below $30,000 last week before surging above $31,000 over the weekend. It has continued to trend higher to start the week. Bitcoin was trading around $32,195 at press time.

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See Also: Veteran Investor Bill Miller On Why Warren Buffett Doesn't Understand Bitcoin

MSTR Price Action: MicroStrategy has traded between $134.09 and $891.37 over a 52-week period.

The stock was up 22.9% at $269.57 at time of publication.

Photo: Ricardo Goncalves from Pixabay.