Wednesday, May 19, 2021

MicroStrategy is closest thing to Bitcoin for U.S. stocks

MicroStrategy Inc.’s shares may as well be Bitcoin, based on how closely they track each other. The business-intelligence software maker’s correlation with the cryptocurrency amounted to 0.81 in the 10 trading days ended Wednesday, according to data compiled by Bloomberg. 

The figure was the highest among 10 U.S. stocks linked to Bitcoin and its peers, including Coinbase Global Inc., which runs a marketplace for trading the currencies. MicroStrategy’s ties reflect its investment in Bitcoin, which totaled about $2.25 billion as of Tuesday.

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