MicroStrategy (MSTR) shares rose to one-month highs on Tuesday as the gravitational pull of bitcoin ( BTC ) on the proxy crypto stock continued to rise after another record surge in digital assets.
Shares of the business intelligence company reached $770 on the New York Stock Exchange, up 10 percent - the highest level since March 11. At current values, MicroStrategy's total market capitalization is $7.5 billion.
Even with the recent price increase, MSTR remains well below the record levels reached in early February. The stock peaked to $1,315 on Feb. 8 before falling back to below $1,000.
MSTR's rally came as bitcoin surpassed $63,000 for the first time , setting a new all-time record. Although MicroStrategy's core business has nothing to do with bitcoin or the cryptocurrency, the company has become a corporate BTC flag since CEO Michael Saylor decided to convert a large portion of the company's balance sheet into digital assets.
On Monday, it was revealed at the U.S. Securities and Exchange Commission that MicroStrategy's board of directors will receive bonuses in BTC instead of cash.
MSTR was not the only Crypto proxy stock to rise on Tuesday. Riot Blockchain (RIOT) was up 10% and Marathon Digital Holdings (MARA) was up 6%.
