MicroStrategy Stock Rises. It Bought Millions More in Bitcoin.

By Mackenzie TatananniMicroStrategy stock rose Monday after the world's largest corporate holder of Bitcoin said it had snapped up even more of the digital currency.The company, which does business as Strategy, revealed in a Form 8-K that it had acquired 3,459 Bitcoins for roughly $285.8 million, or around $82,618 per Bitcoin, between April 7 and Monday.The latest purchase brought MicroStrategy's total holdings to 531,664 units of the digital currency, with an aggregate purchase price of $35.92 billion.Shares were up 3.5% to $310.54 on Monday, while the S&P 500 and tech-heavy Nasdaq Composite rose 1.2% and 1%, respectively. The stock closed up 10% on Friday.In its most recent filing with the Securities and Exchange Commission, MicroStrategy reported that it had sold 959,712 Class A shares for around $285.7 million. The company uses sales of equity, debt and preferred stock to fund its Bitcoin purchases.While MicroStrategy focused on enterprise software at the time of its inception nearly four decades ago, it has increasingly leaned into its reputation as a leveraged play on Bitcoin. It rebranded itself as Strategy in early February, complete with a new logo featuring a small Bitcoin symbol.MicroStrategy has outperformed the broader market this year, rising 7.2% as the S&P 500 declined 7.7%. Its performance is closely tied to fluctuations in the price of Bitcoin, which was up 1.2% over the past 24 hours to $84,911, according to CoinDesk data.The company has also outpaced funds that offer exposure to Bitcoin, such as the iShares Bitcoin Trust ETF. As of April 11, the BlackRock-owned ETF had lost nearly 11% this year.Write to Mackenzie Tatananni at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.