Cryptocurrencies
MicroStrategy Bitcoin Binge Hasn’t Blown Up, But Pressure Rises
- Its shares and bonds are rebounding, but they’ve sunk lately
- Bitcoin under $26,000 puts pressure-boosting levels in sight
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MicroStrategy Inc.’s stock rallied Friday, recovering a bit from its recent routs. Neither the ups nor the downs are much of a surprise. The company is simply tracking the rises and falls of Bitcoin, which Chief Executive Officer Michael Saylor has tied his software maker to inexorably.
MicroStrategy has been on a two-year, debt-fueled Bitcoin buying spree, accumulating billions of dollars worth of them -- shifting its corporate focus from developing software to becoming a proxy for the price of Bitcoin.