MicroStrategy's stock surges to highest price this year as bitcoin regains $100K

By Tomi KilgoreBitcoin's rally boosts the value of the cryptocurrency Strategy has purchased this year by more than $830 millionShares of MicroStrategy Inc. shot up to a new high for 2025, as investors in the cryptocurrency stockpiler cheered bitcoin's rally back above the six-digit threshold.As the price of bitcoin topped $100,000 for the first time since early February, the value of the cryptocurrency acquired this year by MicroStrategy, which is doing business as Strategy, is now 8%, or $800.1 million, more than the company paid.Also read: Bitcoin rallies with stocks to top $100,000 again as exuberance returns to marketsStrategy's stock (MSTR) jumped 5.6% on Thursday to $414.38, its highest close since Nov. 22, 2024. It has now rocketed 76% since it closed at a five-month low of $237.95 on April 8, but was still 11.6% below its Nov. 20, 2024, record close of $473.83.Meanwhile, bitcoin (BTCUSD) climbed 5%, topping $104,00 at its intraday high.So far this year, MicroStrategy has spent $10.11 billion to purchase 107,980 bitcoins, at a weighted average price of $93,618 each.The Virginia-based company has used a combination of common and preferred equity and convertible debt sales to fund its bitcoin purchases.At current prices, the bitcoin bought this year is now worth $10.95 billion, or $837.6 million more than the company paid.As of the company's last disclosure on May 5, it had spent $38.08 billion over the years to buy a total of 555,450 bitcoins, at an average purchase price of $68,550 each.At current bitcoin prices, that crypto cache would be worth $56.31 billion, or 47.9% more than the company spent.Although Strategy is technically a software company, with $111.1 million in sales during the first quarter, the stock has traded more in line with bitcoin since the company adopted the cryptocurrency as a treasury reserve asset in 2020.Don't miss: MicroStrategy explains why bitcoin is better than stocks, bonds or goldSo far this year, the correlation coefficient between Strategy's stock and bitcoin is 0.77; a reading of 1.00 would mean they moved exactly in sync. In comparison, the correlation between the stock and the SPDR S&P Software and Services exchange-traded fund XSW over the same time is 0.35.Since the end of 2020, the correlation between Strategy's stock and bitcoin is 0.92 and that between the stock and the software ETF is 0.67.-Tomi KilgoreThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.