The market capitalization of MicroStrategy, the prominent Bitcoin-focused investment firm, has now exceeded that of Coinbase, the largest crypto exchange in the US.

According to data from Yahoo Finance, MicroStrategy (MSTR) is currently valued at over $50 billion, surpassing Coinbase (COIN), which stands at approximately $46.5 billion.

This shift is not surprising, given MicroStrategy’s stock’s remarkable performance. Over the past year, shares have surged by approximately 400% to a two-decade high of around $250.

In contrast, Brian Armstrong-led Coinbase has risen by a solid but relatively more modest 40% due to heightened competition in North America. The exchange has recently lost market share to the rapidly growing Crypto.com and has seen reduced trading activity due to the introduction of spot Bitcoin ETFs.

Further, this change reflects the market’s response to the third-quarter earnings reports from both companies. MicroStrategy announced an ambitious plan to raise $42 billion to purchase Bitcoin, while Coinbase revealed intentions for a $1 billion stock buyback. Some crypto experts argue that the exchange should have invested in Bitcoin rather than its own shares.

Overall, MicroStrategy now ranks among the top three companies by market capitalization holding, mining, or accepting Bitcoin. It is trailing only electronic car maker Tesla and payment giant PayPal.