Michael Saylor-created software firm MicroStrategy surged over eight percent on Thursday after Bitcoin finally crossed its long-awaited $100k mark late Wednesday.
MicroStrategy Up After Bitcoin Hits $100k
The Virginia-based company, which has been buying up Bitcoin under Saylor’s direction since 2020, saw highs of greater than eight percent Thursday morning.
Meanwhile, Bitcoin continued to trend upwards on the morning of December 5, hitting nearly $103.500.
The token’s latest boost puts the company’s stock up nearly 600% just this year, outpacing the S&P 500.
“Year to date, $MSTR treasury operations delivered a BTC Yield of 63.3%, a net benefit of ~119,800 BTC to our shareholders,” Saylor said in a Thursday morning X post. “At $103K per BTC, that equates to $12.3 billion for the year so far, making us the most profitable, fastest growing company on the #Bitcoin Standard.”
During a CNBC appearance earlier this month, Saylor said that he was “planning the $100,000 party” for when the token reaches the important psychological milestone.
On December 4, Saylor confirmed in an X post that the party would, in fact, be going ahead.
How Much Will Michael Saylor’s Bitcoin Holdings Grow?
MicroStrategy has done remarkably well in light of Bitcoin’s price increase following President-elect Donald Trump’s November election.
Market sentiment has largely been bolstered by Trump’s impending return to the Oval Office amid expectations that the former reality television star will enact digital asset-friendly regulations.
“We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry,” Trump stated, addressing attendees at the Bitcoin 2024 Conference this past summer.
In a December 5 post to his social media platform Truth Social, the New York-born businessman did not shy away from taking credit for the cryptocurrency’s success.
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME,” he posted. “Together, we will Make America Great Again!”
The incoming POTUS is expected to overhaul current United States Securities and Exchange Commission (SEC) chair Gary Gensler, whom he previously criticized for his regulation-by-enforcement approach to the blockchain sector as a whole.
Recent reports further indicate that Trump may shift regulatory power over digital assets from the SEC to the CFTC, a marked shift from President Joe Biden’s strategy regarding crypto regulations.
With just over a month until the inauguration, it remains to be seen how much Bitcoin’s value and MicroStrategy’s stock will grow.
The post MicroStrategy Surges 8% After Bitcoin Reaches $100k appeared first on Cryptonews.
