Michael Saylor's MicroStrategy Takes Wall Street By Storm, Becomes Second-Most Traded Stock After Nvidia
MicroStrategy Inc. has become Wall Street's second-most traded stock, following significant Bitcoin acquisitions. The company recorded trading volumes of $1.27 billion, surpassing major firms like Tesla and Apple. MicroStrategy accounted for 64% of trading in Bitcoin-related equities, with a recent purchase of 51,780 Bitcoin for $1.6 billion. Shares rose 10% to close at $482.83, marking a 584% increase year-to-date. This surge reflects the market's growing interest in Bitcoin and MicroStrategy's aggressive investment strategy.
Bitcoin BTC/USD holdings company MicroStrategy Inc. MSTR ended Wednesday as Wall Street’s second-most traded stock, as its large acquisitions of the world’s leading cryptocurrency piqued the market’s interest.
What happened: MicroStrategy recorded volumes of $33.27 billion, trailing only artificial intelligence (AI) juggernaut Nvidia Corp. NVDA, according to data from TradingView.
In fact, at one point, MicroStrategy bettered Nvidia’s trading volume.
Wow $MSTR is the most traded stock in America today.. to best $TSLA and $NVDA is crazy. It's been years since a stock has traded more than one of those two (it may have actually been $GME to last do it). It's also about double $SPY! Wild times.. pic.twitter.com/bUr8nycMX3
— Eric Balchunas (@EricBalchunas) November 20, 2024
The Michael Saylor-led firm surpassed all other members of the “Magnificent 7” group, including Elon Musk's Tesla Inc. TSLA and Apple Inc. AAPL.
See Also: Microstrategy’s Michael Saylor To Advocate For Bitcoin At Microsoft Board Meeting, Offers To Educate Rumble CEO As Well
MicroStrategy accounted for nearly 64% of the trading activity of all Bitcoin-related equities on Wednesday. Additionally, funds tracking the daily performance of the MicroStrategy stock, like T-Rex 2X Long MSTR Daily Target ETF MSTU, logged higher volumes than spot Bitcoin ETFs.
Senior Bloomberg ETF Analyst Eric Balchunas stated that the $50 billion volume clocked by the "Bitcoin Industrial Complex" was the same as the average daily volume of the UK stock market.
The Bitcoin Industrial Complex crushed their record today with $50b in volume (for context that's same as ADV of entire UK stock mkt). $MSTR alone was $32b of it. $MSTU and $MSTX combined for $6b (which is more than all the spot btc ETFs, which were also elevated). What a scene. pic.twitter.com/o63I8jr70T
— Eric Balchunas (@EricBalchunas) November 20, 2024
Why It Matters: The spike in volumes comes amid MicroStrategy’s aggressive Bitcoin-buying strategy.
Earlier this week, the firm announced an acquisition of 51,780 Bitcoin for approximately $4.6 billion, one of its biggest purchases ever.
MicroStrategy currently holds 331,200 BTC, acquired at a total purchase price of approximately $16.5 billion, and worth over $31 billion at current market prices, according to bitcointreasuries.net.
Price Action: Shares of MicroStrategy spiked 10% to close at $473.83 on Wednesday. Year-to-date, the stock was up nearly 584%, according to data from Benzinga Pro.
Image via Shutterstock
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