JAKARTA - Shares of MicroStrategy, the business intelligence software company known as the world's largest Bitcoin holder, experienced a significant increase this week. The shares of the company registered with NASDAQ touched the highest level in the last two years, namely US$800 (Rp 12.5 million), before finally closing at US$700 (Rp 10.9 million) on Friday, February 16.
The increase in MicroStrategy shares raises the question of whether this company has the opportunity to enter the most prestigious US stock index, namely the S&P 500. If this happens, then MicroStrategy will be the first company to have a major exposure to Bitcoins that are members of the index.
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MicroStrategy, founded by Michael Saylor, a Bitcoin supporter, has invested most of its cash into the major crypto asset. To date, the company owns about 190,000 BTC, worth 10 billion US dollars (IDR 140 trillion), which is more than 80% of its total assets.
MicroStrategy's share price was heavily influenced by the Bitcoin price movement. This is clearly seen in the past month, when Bitcoin experienced a sizeable fluctuation. On February 2, when Bitcoin dropped to the level of US$43,000 (Rp 602 million), MicroStrategy's shares also dropped to the level of US$500 (Rp 7 million).
However, when Bitcoin began to rebound and reached the level of US$53,000 (Rp 742 million) on February 10, MicroStrategy's shares also followed the positive trend and rose to the level of US$800 (Rp 11.2 million) on February 11. This is the highest level since November 2021, when Bitcoin set an all-time high of US$69,000 (Rp 966 million).
Unfortunately, this increase did not last long, as Bitcoin experienced a correction and dropped to the level of US$48,000 (Rp 672 million) on February 12. MicroStrategy shares also experienced a sharper decline, which was 13%, and closed at the level of US$700 (Rp 9.8 million) on Friday.
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