MicroStrategy's infamous Bitcoin (BTC) investment strategy is playing out profitably so far into 2023.

Today, MicroStrategy's stock MSTR is up roughly 140% year-to-date (YTD) to $350 per share, its highest level since September last year. It mirrored Bitcoin's 90% YTD gains, maintaining a strong positive correlation with the top cryptocurrency.

To recap, MicroStrategy is essentially a proxy for direct BTC investment without a spot Bitcoin exchange-traded fund (ETF) in the U.S. It holds 140,000 BTC worth $4.26 billion, the most by a publicly-traded company as a part of its Treasury strategy.

MSTR investors typically get their buying or selling cues from the same catalysts that drive Bitcoin market trends.

As a result, the stock has mirrored the BTC price uptrend so far in 2023, led by rush-to-safety trades amid the U.S. banking crisis and anticipation the Federal Reserve would stop hiking rates.

(by Yashu Gola)