MicroStrategy (MSTR) shares rose to a one-month high on Tuesday as the impact of Bitcoin (BTC) on crypto proxy stocks continued to strengthen after another record high for the digital asset.

Shares in business analytics reached an intraday high of $ 770 on the New York Stock Exchange, up 10% – the highest level since March 11th. The current total market value of MicroStrategy is $ 7.5 billion.

Even with the recent price increases, the MSTR is still well below its all-time highs set in early February. The stock peaked at $ 1,315 on February 8, before falling below the $ 1,000 level.

MicroStrategy shares rose sharply on Tuesday. Source: TradingView
The MSTR rally came at a time when Bitcoin rose to over $ 63,000 for the first time, setting a new record. While MicroStrategy’s core business has nothing to do with Bitcoin or cryptocurrency, the company has been pioneering BTC since CEO Michael Saylor decided to convert most of the company’s balance sheet into digital assets.

The company now owns 91,579 BTC, which at the time of publication was about $ 5.8 billion.

A report to the US Securities and Exchange Commission on Monday indicated that MicroStrategy’s board of directors will receive additional payments in bitcoin instead of cash. The modified 8-K model says:

“Going forward, non-employee directors will receive all board service fees in bitcoin, not cash.”
MSTR wasn’t the only cryptocurrency dealer stock that surged on Tuesday. Riot Blockchain (RIOT) is up 10% and Marathon Digital Holdings (MARA) is up 6% overall.

Source: CoinTelegraph