Benzinga - MicroStrategy Incorporated (NASDAQ:MSTR) shares are trading higher Thursday, and the price of Bitcoin (CRYPTO: BTC) is up more than 5%. Here’s a look at what’s going on.
What To Know:
MicroStrategy reported its fourth-quarter financial results on Tuesday and during the earnings revealed that it had acquired an additional 850 Bitcoin in January. MicroStrategy is the largest publicly-traded holder of Bitcoin with total holdings of 190,000 BTC, with an estimated worth of $8.1 billion.
MicroStrategy also reported quarterly adjusted earnings of $5.62 per share and fourth-quarter revenue of $124.5 million, missing the analyst consensus estimate of $132.9 million.
MicroStrategy shares are climbing on heavy trading volume as Bitcoin trades above the $45,000 mark Thursday. According to data from Benzinga Pro, more than 980,000 shares have already been traded in the session, compared to the stock’s 100-day average of 1.2 million shares.
22.99% of MicroStrategy shares are being sold short which can contribute to large price moves when combined with heavy trading volume.
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MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up 13.4% at $575.95 at the time of publication.
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