US investment bank Morgan Stanley has bought nearly 650,000 shares in MicroStrategy, which holds more than $ 2 billion in Bitcoin. However, Bitcoin has wiped out the profits it has made in recent days.
Morgan Stanley’s stake in MicroStrategy has risen to almost 11 percent. At the end of the third quarter of last year, the bank already owned almost 800,000 shares in MicroStrategy.
The market price of MicroStrategy is very strongly correlated with the development of the price of Bitcoin itself, which it bought for the first time in August. So its shares traded for almost $ 124, while their current price is close to $ 540. This represents an appreciation of 335 percent, which almost exactly corresponds to the appreciation of Bitcoin for 2020.
In recent days, however, Bitcoin has written off some of its profits. On Friday, its price jumped over $ 41,000, but on Sunday evening Central European Time it was almost ten percent lower. However, other cryptocurrencies strengthened hand in hand with this, which may mean a partial spillover of investment in virtual currencies, which currently have a higher growth potential than Bitcoin.