MicroStrategy (MSTR), currently ranked 606 among the world’s largest companies by market capitalization according to Companies Market Cap, has witnessed a staggering ascent in its market valuation. Since the onset of the year, the company’s capitalization has nearly tripled, marking a remarkable surge of 135.7% in just the last month alone.
At present, MSTR’s share price hovers close to $1,880, reflecting a remarkable uptick of approximately 200% since the commencement of 2024. This surge has propelled its shares from $141 to $670.71 since the beginning of 2023, prompting scrutiny from analysts at 10x Research who have deemed MSTR to be overvalued.
The recent daily increment in market capitalization, recorded at 1.13%, is primarily attributed to the resurgence of Bitcoin, which has surged to $70,000. As per data from CoinMarketCap, BTC is presently trading around the $71,600 mark.
In a strategic move, MicroStrategy made significant Bitcoin acquisitions between March 11 and March 18, acquiring 9,245 BTC valued at $623 million. Presently, the company boasts a substantial balance of 214,246 BTC, procured at an average price of $35,160.
Looking ahead, MicroStrategy is poised to undergo a transformation, positioning itself as a development entity for Bitcoin and its derivative products. This shift marks a departure from its historical focus on the creation and support of analytical software.
Founder and CEO of MicroStrategy, Michael Saylor, has iterated the company’s steadfast commitment to holding its Bitcoin reserves, both in the short and long term, signaling a strong conviction in the future prospects of the pioneering cryptocurrency.
