MicroStrategy Incorporated (NASDAQ:MSTR) shares are trading higher Monday amid a surge in the price of Bitcoin (CRYPTO: BTC). Here's a look at what's going on.

What To Know:

Bitcoin has surged over the weekend, crossing the $41,500 mark on Monday and extending its gains to more than 140% over the past year.

Last week, CEO Michael Saylor announced that MicroStrategy has purchased additional Bitcoin in a post on the social media platform X.

The post reads, "MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per bitcoin. As of 11/29/23, MicroStrategy now hodls 174,530 bitcoin acquired for ~$5.28 billion at an average price of $30,252 per bitcoin."

Also, continued optimism surrounding a potential spot ETF has partially fueled the rally in the crypto space this year.

MicroStrategy Inc.'s stock reached a new 52-week high of $577.77 Monday and has attracted intense interest from short-sellers. 25.16% of available MSTR shares are being sold short, according to data from Benzinga Pro.

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MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up by more than 5% at $555.84 at the time of publication.

Image: Wilfried Pohnke from Pixabay