According to Decrypt, shares of MicroStrategy (NASDAQ:MSTR) closed above $500 on Black Friday, reaching a market cap of $7.33 billion. The company's long-term strategy of holding Bitcoin has proven successful, with its stock price doubling within a month at the beginning of the year. MicroStrategy is one of the largest institutional holders of Bitcoin, with founder and chairman Michael Saylor starting to buy the cryptocurrency in August 2020 as a hedge against inflation.
By April, MicroStrategy's Bitcoin holdings were in the green, and the company continued to buy more, amassing 152,800 coins worth about $4.4 billion. Despite posting a net loss of $143.4 million in its most recent quarterly report, the company acquired another 6,067 Bitcoin for $167 million. MicroStrategy now holds approximately 0.75% of Bitcoin's total circulating supply.
