Posted: November 13, 2024

• MicroStrategy’s Bitcoin acquisitions pushed stock prices to new highs, reaching $351.
• Bitcoin’s 11% surge fueled records of $38 billion in daily trading volume across ETFs and crypto firms.

The economy is experiencing a notable revival, with many attributing the surge to Donald Trump’s victory.

However, experts argue that the factors driving this growth extend beyond just Trump’s win, encompassing several key elements at play.

One such element is the meteoric rise of Bitcoin [BTC], which has been making waves in the financial world.

MicroStrategy stock price trend

On the 11th of November, MicroStrategy (MSTR), led by Michael Saylor, saw its stock price soar nearly 26%, reaching a new all-time high above $351.

MSTR closed the day at $340 but surged to $354 in after-hours trading, according to Google Finance.

As of the latest update, MSTR is up 25.73%, trading at $340 and surpassing a peak high set nearly 25 years ago, with an unprecedented $12 billion in trading volume.

This surge came after the company, known for holding the largest corporate treasury reserve of Bitcoin, revealed its latest acquisition, pushing the firm’s valuation and trading volume to historic highs.

MicroStrategy’s Bitcoin strategy

According to a recent update from MicroStrategy founder Michael Saylor, the company has made significant strides in its BTC acquisition strategy.

Between the 31st of October and the 10th of November, MicroStrategy acquired over $2 billion worth of Bitcoin, further solidifying its position as the largest corporate holder of the asset.

As of now, the company’s total Bitcoin holdings, which amount to 279,420 BTC, are valued at approximately $24.3 billion.

This move highlights MicroStrategy’s continued commitment to BTC, reinforcing its strategy of turning the cryptocurrency into a core asset in its financial portfolio.

Remarking on the same, Vivek, founder of Bitgrow lab said, 

“MicroStrategy just hit a new ATH after 25 years.”

Adding to the fray was X user Wayne Vaughan, who noted, 

“MicroStrategy is converting capital into Bitcoin more efficiently than every Bitcoin miner.”

What’s more?

Well, Bitcoin’s impressive 11% surge to $89,500 on 11th November had a notable impact on the broader market, driving a record-breaking $38 billion in daily trading volume across U.S. spot BTC ETFs, along with major players like MicroStrategy (MSTR) and Coinbase Global (COIN).

MSTR and COIN were among the top five most-traded stocks during the early hours of the 11th November trading session, surpassing even tech giants like Apple and Microsoft in trading activity, as highlighted by Balchunas.

MicroStrategy’s journey so far

Founded in 1989, MicroStrategy, originally a software company, has transformed itself into a major Bitcoin development entity since it began acquiring BTC in August 2020.

This strategic shift has significantly boosted the company’s stock price, surpassing its previous all-time high of $313, which was set in March 2000.

That being said, last month, MicroStrategy also unveiled its “21/21 plan,” aiming to raise $42 billion for further Bitcoin acquisitions through capital raises.

Therefore, while critics remain skeptical, the company’s growing influence in the crypto market signals that Bitcoin’s impact on traditional finance is only just beginning.