MicroStrategy Enters Top 100 U.S. Public Companies by Market Cap: The Bitcoin Effect
MicroStrategy, which bills itself as the world’s first Bitcoin development company, has been making great strides recently, achieving major milestones to its name. Prominent Bitcoin advocate Michael Saylor’s company just Enter The top 100 listed companies in the United States, currently ranked 97th.
Bitcoin hits all-time high, shares soar
The company’s shares jumped 12% on Tuesday to close at $430 a share, after crossing the $400 mark earlier in the day. Notably, its stellar performance overlapped with Bitcoin’s all-time highs. Exceed $94,000.
MicroStrategy has performed exceptionally well and has become one of the major stories of 2024, surging more than 500% year to date, with Bitcoin up more than 100% during the same period.
Over five years, the company’s stock has soared 2,739%, outpacing even tech giant NVIDIA (NVDA), which has gained 2,688% over the same period. It currently holds 331,200 Bitcoins, worth over $30 billion based on recent market prices.
Thaler’s bold plan
The company also recently revealed plans to raise an additional $1.75 billion through convertible notes to increase its cryptocurrency holdings. MicroStrategy plans to issue 0% senior convertible notes due in December 2029 to fund its Bitcoin acquisition.
In addition, Michael Thaler also disclose Plans to deliver a three-minute speech to Microsoft’s board of directors on Bitcoin investment strategy. Interestingly, the upcoming presentation coincides with an upcoming shareholder vote on December 10 to decide whether Microsoft should review its Bitcoin investment. Microsoft has $78 billion in cash reserves, and if it invests in Bitcoin, it could have a major impact on the cryptocurrency market
Thaler has previously argued that Microsoft and other cash-rich companies such as Berkshire Hathaway, Apple and Google miss out on opportunities to enhance shareholder value by not holding Bitcoin.
Bitcoin strengthens
Reports that Donald Trump’s social media company is in talks to acquire cryptocurrency trading firm Bakkt sparked optimism about a crypto-friendly regime under Trump, with Bitcoin rising to a new all-time high above $94,000.
Bitcoin is going strong during this bull run and shows no signs of slowing down anytime soon. Traders at Singapore-based QCP Capital said in a Telegram broadcast that predictions of BTC reaching $100,000 are no longer far-fetched as “the political and institutional stars are starting to align.”
