Why MicroStrategy Stock Jumped on Wednesday

Shares of MicroStrategy (MSTR 10.78%) jumped on Wednesday after the company announced it had spent a whopping $615.7 million buying Bitcoin (BTC 2.77%). As of 2:15 p.m. ET, MicroStrategy stock was up about 9%.The Bitcoin strategyMicroStrategy first started buying Bitcoin as its capital-allocation strategy in 2020. Since then, the company used virtually all of the money it had and took on debt to buy as much Bitcoin as possible. That's why its greater-than$ 600 million purchase is so surprising -- it only ha ...