MicroStrategy Stock Rises. It Bought More Bitcoin During Rally to Record.

MicroStrategy Executive Chairman Michael. (Photo by Joe Raedle/Getty Images)

MicroStrategy stock popped on Monday after Bitcoin hit a fresh high —over $120,000.

Shares of the Bitcoin buyer, which does business as Strategy, were up 3.7% to $450.05.

Over the past seven days, MicroStrategy bought 4,225 Bitcoins for an average price of $111,827, the company said in its latest weekly filing, published on Monday.

On July 7, MicroStrategy said its total holdings stood at 597,325 tokens, unchanged from June 30. The first week of April, when President Donald Trump announced global tariffs, was the last time that the company went a week without buying Bitcoin.

MicroStrategy is the world’s largest corporate holder of Bitcoin, making it a leveraged bet on the digital token. Consequently, an extended pause in purchases could have implications for its stock and backers.

The company, led by Executive Chairman Michael Saylor, now holds 601,550 Bitcoins, worth about $73 billion based on Monday’s Bitcoin price.

Other crypto-related stocks were also doing well. Coinbase and Robinhood rose 2.6% and 1.6%, respectively. The S&P 500 index was down 0.1%.

Bitcoin, the world’s largest cryptocurrency, was trading at a record high of more than $121,000.

Like cryptocurrencies, crypto-linked stocks are benefiting from expectations for the economy, such as rate cuts from the Federal Reserve later in the year.

Congress is also scheduled to vote this week on legislation that would regulate the crypto industry: the Clarity Act, the Genius Act and the Anti-CBDC Surveillance State Act.

The White House has declared this week “Crypto Week” to highlight its intention to make the U.S. the world’s cryptocurrency capital.

Still, questions remain about how sustainable the rally is. Both crypto prices and the shares of companies affected by them tend to be volatile.

For example, the June inflation report comes out Tuesday and could be a drag on the rally if it is hotter than expected. Higher inflation would lower expectations for a rate cut.

Write to Elsa Ohlen at elsa.ohlen@barrons.com