The stock market closed at 2 p.m. EST on Dec. 24 and didn’t reopen until 9:30 a.m. Dec. 28. During that time, the balance sheet for technology company MicroStrategy (NASDAQ: MSTR) increased in value by almost $300 million, thanks to bitcoin’s meteoric rise over the Christmas weekend. No wonder MicroStrategy stock is soaring today. As of 2:30 p.m. EST, the stock was up 16%.
Other bitcoin-related stocks are also soaring today, but not all of these moves are as logical as that of MicroStrategy. Indeed, hype seems to be growing around bitcoin, underlining the need for investors to be discerning and selective with their investments.