MicroStrategy stock rises 16% amid crypto rally and high trading volume

MicroStrategy (MSTR) stock rose 16% to close at $153 on September 18, following a broader rally in the cryptocurrency market. The stock's performance coincided with Bitcoin reaching $81,000 and Ethereum exceeding $2,600.

MicroStrategy recorded high trading activity, ranking as the 16th most-traded US stock by dollar volume at $8.36 billion, surpassing companies such as Netflix and Visa. The company's 30-day average trading volume represents 5.4% of its market cap, a figure significantly higher than the average volumes of Tesla, Meta, and Nvidia.

Driven by rising crypto prices, MicroStrategy's unrealized profits on its holdings of 845,050 Bitcoin have reached approximately $4.73 billion. While the company recently paused new Bitcoin purchases for two weeks to focus on repurchasing STRC preferred stock, it has completed $950 million in such buybacks since July.