MSTR - Why did MicroStrategy stock jump today? Bitcoin soars in risk-on day

MicroStrategy ( NASDAQ: MSTR ) shares have soared 18.3% on Tuesday as bitcoin ( BTC-USD ) +8.6% extends its rally towards $25K per token.

Bitcoin ( BTC-USD ) is changing hands at $23.4K as of shortly before 4:30 p.m. ET, up from its cyclical low of $18.9K in mid-June.

Michael Saylor's MicroStrategy ( MSTR ) stock is closely related to the price of bitcoin ( BTC-USD ) as the analytics software provider HODLs a massive pile of the world's largest digital coin by market cap on its balance sheet.

Other bitcoin ( BTC-USD ) proxies also made big moves to the upside intraday, including the Grayscale Bitcoin Trust ( OTC:GBTC ) +10.1% , the Grayscale Digital Large Cap Fund ( OTCQX:GDLC ) +14.9% , the ProShares Bitcoin Strategy ETF ( BITO ) +8.2% and the Osprey Bitcoin Trust ( OTCPK:OBTC ) +4.7% .

Keep in mind that Seeking Alpha's Quant Rating in the beginning of April had screened MicroStrategy ( MSTR ) stock at high risk of performing badly due to negative EPS revisions.

Also, SA contributor Juxtaposed Ideas explains why a "drastic correction" in shares of MSTR is imminent "given the destructive effects of the crypto winter and the CEO's doubling down on Bitcoin."

Earlier, bitcoin and crypto stocks extend rally as equity market gains bullish momentum .

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