Strategy (MSTR 0.32%), formerly known as MicroStrategy, the onetime tech company that pivoted hard into effectively becoming an institutional Bitcoin (BTC -2.14%) investor, easily surmounted the hump of Hump Day. The company's shares closed the day almost 8% higher in price, thanks to (unsurprisingly) an increase in the digital coin's value, on general optimism for its future.
That stock price pop was well higher than the S&P 500's (^GSPC 0.83%) upward move of 0.5%.
The Bitcoin bump
Since Strategy grandly describes itself as "the world's first Bitcoin treasury company," the performance of its stock has much to do with the No. 1 crypto's movements. Comfortingly for the company and its investors, Bitcoin was doing well on the day; as of midafternoon, it had risen more than 3% in value over the preceding 24 hours. In fact, it was approaching its all-time high of $111,000.
Image source: Getty Images.
Bitcoin was having a good day for numerous reasons. The frothy equity market helped, as cryptos in general often rise along with other investible assets. Developments on the political front are helping too; Donald Trump's "Big, Beautiful Bill" was passed in the Senate by a tie-breaking vote from Vice President J.D. Vance.
True, a last-minute attempt by Senator Cynthia Lummis, Republican of Wyoming, to include crypto-friendly tax changes was quashed, but digital coin and token investors were surely cheered that Republicans can coalesce to pass key legislation.
This is a very crypto-friendly administration, and its Republican allies control both the Senate and the House of Representatives. So it's very likely that any crypto-enhancing legislation will be passed into law.
All in on the favored investment
As ever, Strategy and its leader Michael Saylor continue to buy more of their beloved asset. The company hasn't updated its holdings in over a month, but its latest official communication on the count stated it owned 580,250 Bitcoins. That makes it one of the most important institutional holders of the coin, and an obvious proxy for folks who don't care to own Bitcoin directly.
