Shares of MicroStrategy Inc. MSTR, +26.46% shot up 26% toward a three-month high in afternoon trading Monday, as investors appeared to cheer the rally in bitcoin.
The enterprise software company is viewed as a bitcoin play as the company has disclosed that it uses bitcoin as a primary treasury reserve asset. Meanwhile, bitcoin BTCUSD, 0.70% recently soared 15.4% to $39,793, in the wake of Amazon.com Inc. AMZN, +1.18% put out an help-wanted ad seeking a “digital currency and blockchain product lead.” The company said last month that it owned about 105,085 bitcoin as of June 21, which it acquired for $2.74 billion at an average price of $26,080 per bitcoin. MicroStrategy’s stock, which is on track to close at the highest level since April 16, has soared 76% year to date, while bitcoin has run up 37% and the S&P 500 SPX, +0.24% has gained 17.6%.