Michael Saylor’s Strategy Soars to Record Market Cap as Bitcoin Nears $123K
MicroStrategy (MSTR), under the leadership of executive chairman Michael Saylor, closed Wednesday’s trading session at its highest-ever market capitalization, propelled by a rising Bitcoin market that has pushed crypto prices close to all-time highs.
“MSTR just closed at an all-time high market cap,” Saylor announced on X (formerly Twitter) on Wednesday.
Stock Price Rises 21.52% in One Month
MicroStrategy’s stock finished the day at $455.90, marking a 21.52% increase over the past month, according to Google Finance data.
Meanwhile, Bitcoin continues its bullish momentum, climbing 10% in the same timeframe. It reached a recent peak of $122,884 on Monday before slightly retreating to $118,413, based on Nansen‘s figures.
MSTR closed the trading day on Wednesday at $455.90. Source: Google Finance
Options trader Sean Trades commented on Wednesday that MSTR appears to be “gearing up for the next leg to all-time highs.”
Despite the record market cap, MSTR stock is still 19% below its all-time high of $543, last recorded on November 20. The company has kept up its strategy of issuing new shares to fund continued Bitcoin accumulation.
11 Straight Days of S&P 500 Qualification
MSTR also reached a new operational milestone—11 consecutive days of S&P 500 qualification, as noted by Jeff Walton, vice president at Strive Funds Bitcoin Strategy, in an X post.
In a recent Financial Times documentary, Michael Saylor’s $40 Billion Bitcoin Bet, Walton forecasted that MicroStrategy could become “the number one publicly traded equity in the market” due to its bold Bitcoin strategy.
In a filing published Monday with the U.S. Securities and Exchange Commission, the firm disclosed it had acquired 4,225 Bitcoin worth $472.5 million during the previous week.
Despite the buying spree, MicroStrategy is still chasing profitability. The company has posted net losses for the past three consecutive quarters, though its next earnings report is expected August 5.
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