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MicroStrategy Incorporated (MSTR) Rose on Strong Bitcoin Performance

Miller Value Partners, an investment management company, released its “Income Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the strategy returned 11.69% net of fees versus a 1.52% return for the benchmark, ICE BofA US High Yield Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Miller Value Income Strategy featured stocks like MicroStrategy Incorporated (NASDAQ:MSTR) in the first quarter 2024 investor letter. Headquartered in Tysons Corner, Virginia, MicroStrategy Incorporated (NASDAQ:MSTR) provides artificial intelligence-powered enterprise analytics software and services. On April 15, 2024, MicroStrategy Incorporated (NASDAQ:MSTR) stock closed at $1,335.88 per share. One-month return of MicroStrategy Incorporated (NASDAQ:MSTR) was -5.76%, and its shares gained 305.00% of their value over the last 52 weeks. MicroStrategy Incorporated (NASDAQ:MSTR) has a market capitalization of $23.561 billion.

Miller Value Income Strategy stated the following regarding MicroStrategy Incorporated (NASDAQ:MSTR) in its first quarter 2024 investor letter:

"MicroStrategy Incorporated (NASDAQ:MSTR) 0.75% 12/15/2025 was the top contributor during the quarter. Bitcoin performed very strongly in the quarter, gaining 68.9% in the period, while also posting a new all-time high of $73.8K. After ending 2023 with 190K bitcoin, MicroStrategy purchased another 24.2K bitcoin subsequent to reporting 4Q23 results, pushing the company’s holdings to 214.2K bitcoin as of 3/18/24."

A close-up of a laptop with a Bitcoin ecosystem monitor running in the background.


MicroStrategy Incorporated (NASDAQ:MSTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, MicroStrategy Incorporated (NASDAQ:MSTR) was held by 16 hedge fund portfolios, compared to 16 in the previous quarter, according to our database.

We previously discussed MicroStrategy Incorporated (NASDAQ:MSTR) in another article, where we shared ClearBridge Small Cap Growth Strategy's perspective on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.