Microstrategy stock hits new all-time high of over $340 following historic bitcoin rally

The share price of business intelligence firm Microstrategy reached an all-time high of $350 on Nov. 11, NASDAQ data shows. 

The firm's stock surge coincides with bitcoin's historic price rally on Monday. The cryptocurrency broke past the $85,000 price point earlier in the day. 

Microstrategy amassed a record $12 billion in volume in a single day — six times what JP Morgan or General Electric traded, said  Bloomberg Senior ETF Analyst Eric Balchunas on the social media platform X. 

Microstrategy is the largest publicly traded corporate bitcoin holder. The firm announced Monday morning that it spent over $2 billion to buy another  27,200 bitcoin , bolstering its and its subsidiary's aggregate bitcoin holdings to 279,420 bitcoin. 

Bitcoin traded at $88,064 as of 4:42 p.m. ET (21:42 UTC) on Nov. 11, according to The Block's bitcoin price page . 

When MSTR plummeted from its previous all-time high in 2000

Microstrategy's stock previously reached an all-time high of $333 in 2000. However, in late March 2000, the company had to restate its financial results for fiscal years 1998 and 1999 and, eventually, 1997 as well. The Securities and Exchange Commission said in a statement published on Dec. 14, 2000, that the company had overstated its revenue across the three-year period and reduced the originally reported $365 million by $66 million. 

"Approximately $54 million, or 80%, of these restated revenues were in 1999," the SEC said.

The agency also filed civil injunction actions against three of Microstrategy's top executives related to the firm's overstatement of revenues and earnings. Michael Saylor, Microstrategy's co-founder and CEO, was among the three. He paid $8.28 million in disgorgement in addition to a $350,000 civil penalty.