MicroStrategy Stock Rises Amid Crypto Rally. It Bought a Lot Less Bitcoin Than Usual.

MicroStrategy stock was rallying on Monday, with Bitcoin on the brink of a new high. (Stefani Reynolds/Bloomberg)

Crypto stocks were racking up gains on Monday, boosted by a Bitcoin price surge and a slew of positive regulatory developments.

Shares of MicroStrategy —the largest corporate Bitcoin holder—were up 3% to $406.82 in early trading. The company disclosed on Monday that it bought 155 Bitcoins last week, at an average price of $116,401. It’s the lowest number of tokens bought since March, excluding weeks when MicroStrategy didn’t make any purchases.

The company has spent $46.1 billion on its Bitcoin holding, which is now valued at just more than $75 billion, as of Monday’s price.

Major crypto exchange Coinbase Global jumped 3.8%, and online trading platform Robinhood Markets was flat. The S&P 500 was a touch higher.

Bitcoin was on course to extend a recent rally on Monday, with a 1.2% jump over the past 24 hours putting it on the brink of a record high.

The stocks could also be benefiting from pro-crypto policies coming out of Washington. President Donald Trump on Thursday signed an executive order on Thursday that will open up Americans’ 401(k) plans to cryptocurrencies. It’s a massive win for digital assets: According to the Investment Company Institute, 401(k)s held $8.9 trillion in assets as of September last year.

Shares of MicroStrategy and Coinbase have jumped 201% and 62% respectively over the past year. The S&P 500 is up about 20% over the same period.

Write to George Glover at george.glover@dowjones.com