The post MicroStrategy’s Bitcoin bet pays off – Flips Nvidia, Tesla in stock activity appeared on BitcoinEthereumNews.com.

MicroStrategy overtakes tech giants to secure a spot among the top 100 companies. MSTR stock prices rise by double-digits. MicroStrategy (MSTR) has solidified its position among the top 100 publicly listed companies in the U.S. market. Branding itself as the “world’s first Bitcoin development company,” the firm’s strategic investments are paying off in a big way. AMBCrypto recently reported that MicroStrategy made a groundbreaking purchase of $4.6 billion worth of Bitcoin [BTC].  This purchase coincided with the announcement of $1.75 billion in convertible notes, a figure that swelled to $2.6 billion two days later due to overwhelming demand.  The move has not only fueled a meteoric rise in the company’s stock but also propelled MicroStrategy’s market value beyond tech giants like Intel and Dell. MicroStrategy dominates trading activity Interestingly, the impact of MicroStrategy’s bold moves extended beyond just stock price appreciation. Eric Balchunas, senior ETF analyst at Bloomberg, highlighted on X (formerly Twitter) that MSTR became the most traded stock, eclipsing trading activity in Tesla and Nvidia. He remarked, “It’s been years since a stock has traded more than one of those two. Wild times.” In dollar terms, MSTR’s trading volumes surpassed even SPY, one of the largest exchange-traded funds globally. A record-breaking day for Bitcoin markets The ripple effect of MicroStrategy’s actions also resonated in the broader Bitcoin market. Balchunas further noted that the Bitcoin Industrial Complex set a new record with $50 billion in volume.  This figure was comparable to the average daily volume (ADV) of the entire UK stock market. The analyst revealed that MSTR alone accounted for $32 billion.  Meanwhile, MicroStrategy-related ETFs such as MSTU and MSTX added another $6 billion, exceeding the combined volume of all spot Bitcoin ETFs. MSTR to 400K BTC? Meanwhile, the firm’s trajectory suggests that its Bitcoin reserves could continue climbing.…

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Filed under: News - @ November 21, 2024 3:26 pm