MicroStrategy, a prominent player in the cryptocurrency space, has witnessed its market capitalization soar to a new all-time high, surpassing the $31.8 billion mark.
Ranked 606 among the largest companies globally by market capitalization, according to Companies Market Cap, MicroStrategy has seen its capitalization nearly triple since the beginning of the year, marking a remarkable 135.7% increase over the last month alone.
The surge in MicroStrategy’s (MSTR) market capitalization correlates with the impressive performance of its share price, which has surged by approximately 200% since the start of 2024. At the time of writing, MSTR is trading near $1,880 per share, up from $141 at the beginning of 2023. However, some experts, such as those from 10x Research, have voiced concerns about MSTR being overvalued.
The daily increase in market capitalization by 1.13% has been attributed to Bitcoin’s recovery to $70,000. CoinMarketCap data indicates that BTC is currently trading around the $71,600 mark.
MicroStrategy made significant Bitcoin purchases between March 11 and March 18, acquiring 9,245 BTC worth $623 million. As per the latest data, the company now holds 214,246 BTC on its balance sheet, acquired at an average price of $35,160 per Bitcoin.
The company’s strategic shift towards positioning itself as a development company for Bitcoin and related products marks a significant departure from its previous focus on analytical software creation and support. MicroStrategy’s founder, Michael Saylor, has reiterated the company’s commitment to holding its Bitcoin reserves in both the near and long term, signaling its confidence in the future of the cryptocurrency.
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