Key Points
- MicroStrategy’s Bitcoin acquisitions have driven its stock prices to new highs, reaching $351.
- Bitcoin’s 11% surge has resulted in a record $38 billion in daily trading volume across ETFs and crypto firms.
MicroStrategy, a company renowned for holding the largest corporate treasury reserve of Bitcoin, has seen its stock prices skyrocket recently. This surge to a new all-time high of $351 is largely attributed to the firm’s aggressive Bitcoin acquisition strategy.
MicroStrategy’s Stock Price Trend
On November 11, MicroStrategy’s stock price climbed nearly 26%, reaching an unprecedented high of over $351. The trading day ended with MSTR at $340, but it spiked to $354 in after-hours trading. Currently, MSTR is up by 25.73%, trading at $340. This surge in stock prices, which surpasses a peak high set nearly 25 years ago, was accompanied by a remarkable $12 billion trading volume.
MicroStrategy’s Bitcoin Strategy
MicroStrategy’s founder, Michael Saylor, recently announced that the company has made significant progress in its Bitcoin acquisition strategy. Between October 31 and November 10, the firm acquired over $2 billion worth of Bitcoin, solidifying its position as the largest corporate holder of the asset. Currently, MicroStrategy’s total Bitcoin holdings, amounting to 279,420 BTC, are valued at approximately $24.3 billion. This move underscores MicroStrategy’s ongoing commitment to Bitcoin and its strategy of incorporating the cryptocurrency as a core asset in its financial portfolio.
Bitcoin’s recent 11% surge to $89,500 on November 11 had a profound impact on the broader market. This surge led to a record-breaking $38 billion in daily trading volume across U.S. spot BTC ETFs, along with major players like MicroStrategy and Coinbase Global (COIN). Both MSTR and COIN were among the top five most-traded stocks during the early hours of the November 11 trading session.
MicroStrategy, originally a software company founded in 1989, has transformed into a significant Bitcoin development entity since it began acquiring Bitcoin in August 2020. This strategic shift has considerably boosted the company’s stock price, surpassing its previous all-time high of $313, set in March 2000. Additionally, last month, MicroStrategy unveiled its “21/21 plan,” aiming to raise $42 billion for further Bitcoin acquisitions through capital raises. Despite skepticism from critics, the company’s growing influence in the crypto market indicates that Bitcoin’s impact on traditional finance is just getting started.