MicroStrategy Shares Surge After Bitcoin Rises and Corsair Gaming Shares Rise as WallStreetBets Finds a New Stock
On Monday, shares of MicroStrategy surged, closing up 15.89%.
Shares of the business intelligence company rose after the price of Bitcoin spiked, sending the cryptocurrency above $40,000 on Monday.
MicroStrategy is a software firm, but its stock fluctuates with the price of Bitcoin since it holds nearly $4 billion in the cryptocurrency. Bitcoin jumped roughly 10% after Tesla CEO Elon Musk tweeted Tesla would resume allowing bitcoin transactions “when there’s confirmation of reasonable (~50%) clean energy usage by miners.”
The rise in Bitcoin’s price boosted MicroStrategy’s stock price, as investors purchased more of the software company’s stock.
Shares of MicroStrategy have risen above 50% this year.
On Monday, shares of Corsair Gaming leaped, closing up 11.25%.
Retail traders bolstered shares of the American video-game hardware company on the infamous subreddit, Wall Street Bets. On Monday, Corsair Gaming was mentioned on Wall Street Bets over 1,700 times, joining the list of WSB’s favorite “meme stocks.”
Corsair Gaming is most known for its gaming hardware, including anything from green screens for streamers, to keyboards and gaming PCs. The company reported net sales of $529.4 million in its last quarter, up 71.6% year over year.
Shares of Corsair Gaming have risen over 10% in the past three months.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.