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In summary
- MicroStrategy, the largest holder of Bitcoin in corporate treasury, reached an all-time high in its price, following Bitcoin’s bullish momentum.
- MSTR shares soared 124% in 30 days, driven by the rising value of Bitcoin and high demand for its convertible notes.
- The company, which holds more than 331,000 BTC, has seen a 3,900% increase in its share price since it began purchasing Bitcoin in 2020.
As Bitcoin continues to rise, assets that give investors exposure to the digital currency are being snapped up rapidly. Software company MicroStrategy (NASDAQ: MSTR), the largest holder of Bitcoin corporate treasury reserves, is the most active stock trading so far on Wednesday.
TradingView data shows that the company’s equity is currently more popular than Nvidia or Tesla stock by its metric. The most actively traded shares metric multiplies the volume of a company’s traded shares by its price.
Not only that, but MSTR hit a new all-time high price this Wednesday, as did the price of Bitcoin. MSTR rose as high as $499 on Wednesday and is currently trading around $492, up 14% over the past day. Broadening the perspective, the stock is up 124% in a 30-day period.
The price of Bitcoin today skyrocketed to a new all-time high of $94,891, according to CoinGecko. The Cryptocurrency has risen sharply following Republican Donald Trump’s election victory on November 5. The President-elect has promised to be crypto-friendly and help the crypto industry.
On Wednesday, MicroStrategy announced that it has sharply increased its latest offering of convertible notes, increasing it from $1.75 billion as announced Monday to $2.6 billion due to “high demand.”
MicroStrategy now calls itself a “Bitcoin development company”: it sells data analysis software, but primarily now secures Bitcoin, the largest and oldest digital asset. By purchasing virtual currencies using debt, investors can then buy shares in the company and gain exposure to the cryptocurrency.
MicroStrategy co-founder and former CEO Michael Saylor, now its executive chairman, decided to have the company buy Bitcoin in 2020 after COVID lockdowns began to cripple global economies.
Their thesis was that Bitcoin was a “reliable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
The Tyson, Virginia-based company now owns 331,200 Bitcoin, worth almost $31 billion today. It is the largest holder of corporate treasury reserves of this asset.
Shares of MicroStrategy, previously a quiet software company, have risen as the price of Bitcoin has risen: Since the first purchase of 2020, MSTR is up more than 3,900%, becoming a favorite for tech investors.
The company’s returns have surpassed all companies in the S&P 500; MicroStrategy is now the 88th largest public company in the United States, with a market capitalization of $109.3 billion. MSTR just entered the top 100 on Wednesday with its latest price increase.
In a recent interview with journalist Natalie Brunell, Saylor said he was desperate until he found Bitcoin, which eventually saved his company.
“When I found Bitcoin, I was in desperation,” he said. “I had worked for a decade. He had spent 20,000 man-years trying to do everything under the sun. “I couldn’t move forward.”
“And then you realize, no, the system is rigged against you,” he added.
Edited by Andrew Hayward
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