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MicroStrategy (MSTR), the largest publicly traded corporate holder of bitcoin, just hit a new stock high of $350 yesterday, as BTC surged to new all-time highs.
What's the scoop?
- The MSTR spike marks a long-awaited milestone, surpassing the firm’s previous $333 ATH set back in March 2000—trough to peak took more than 24 years.
- MicroStrategy’s stock boom follows the firm’s latest bitcoin buying spree, with an added 27,200 BTC acquired, pushing its total holdings to 279,420 BTC.
- MSTR’s single-day trading volume reached an unprecedented $12 billion—six times the volume of major stocks like JP Morgan and General Electric, as noted by Bloomberg’s Eric Balchunas.
Bankless take:
MicroStrategy is now decidedly in the spotlight as a crypto-focused giant thanks to CEO Michael Saylor's repeated doubling down on bitcoin when other traditional companies wouldn't. Additionally, this strategy highlights a growing institutional focus on bitcoin as a strategic asset. MicroStrategy may have popularized this approach first, but more mainstream majors are undoubtedly on the way.
Microstrategy with a record $12b in volume today, about 6x what $JPM or $GE traded just for some context pic.twitter.com/hySxcr3bOK
— Eric Balchunas (@EricBalchunas) November 11, 2024
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