A bitcoin illustration on euro banknotes.
Nicolas Economou | NurPhoto via Getty Images
MicroStrategy’s stock has risen more than 700% since August, when the Virginia-based business software company became one of the first to adopt buying bitcoins for its corporate treasury.
Michael Saylor, its president and CEO, is an outspoken supporter of bitcoin and encouraged other companies to follow MicroStrategy’s lead – including Tesla CEO Elon Musk in a conversation on Twitter.
On Monday, just over a month since Saylor tweeted on Musk, Tesla revealed in a regulatory document that it bought $ 1.5 billion in bitcoin and plans to accept the digital currency as payment in the future. The price of bitcoin – and MicroStrategy’s stock – soared after the news.