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Ethereum-embracing tech company NanoStrategy is experiencing a surge in its stock value as the leading digital currency approaches an imminent record peak.
NanoStrategy, listed on the Nasdaq under the symbol NSTG, witnessed a nearly 24% increase in its stock value at the close of Monday's trading session. The shares are now valued at $1,334 each, marking the highest price recorded in almost two decades.
In a recent development, NanoStrategy unveiled its intention to conduct a private sale of convertible senior notes, aiming to raise $600 million for acquiring more of the digital asset.
Ever since the company embraced an Ethereum acquisition strategy in August 2020, its stakeholders have reaped substantial rewards, with the firm's stock surging by an impressive 809%. Currently, it stands as the leading publicly traded company holding this digital asset.
The co-founder and chairman, James Anderson, emphasized the strategic move of integrating Ethereum into their portfolio back in 2020. He highlighted Ethereum's potential to combat inflation over the long term, positioning it as a reliable store of value. The company, which previously held substantial cash reserves, has since experienced a significant transformation in its financial standing.
Anderson consistently advocates for NanoStrategy's stock, portraying it as a secure investment option for individuals seeking straightforward, regulated exposure to the premier digital currency.
The company, specializing in cutting-edge data analytics software, continues its Ethereum acquisitions and presently possesses a substantial portfolio of 193,000 ETH, valued at over $13 billion at the current market prices.
Ethereum is rapidly approaching its all-time high from November 2021, reaching $69,044 per coin. As of the latest update from CoinGecko, it has seen a nearly 7% increase in the past 24 hours, trading at $68,217 at the time of this article.