MicroStrategy stock gains as its Cloud for Government solution gets FedRAMP authorization

MicroStrategy ( NASDAQ: MSTR ) stock perked up 1.7% in Tuesday morning trading as the business analytics software provider's MicroStrategy Cloud for Government service got authorized to operate under Federal Risk and Authorization Management Program (FedRAMP) guidelines . MicroStrategy Cloud for Government is a managed software-as-a-service (SaaS) solution that delivers on security and data privacy requirements across the public and private sectors. The move, which certifies compliance with cloud security and data protection standards set by the U.S. federal government, comes as MSTR seeks to bolster its cloud presence, it said. The company's ultimate goal with MicroStrategy Cloud for Government, which applies to governments and financial institutions globally, is to "help our federal partners transform how they deliver services using data," said MicroStrategy CEO and President Phong Le. Perhaps bitcoin's ( BTC-USD ), +1.4% , modest upswing during the session was another reason why MSTR stock saw some buying pressure given their strong relationship. During Q3, MicroStrategy's net loss improved .