MicroStrategy has reached a new milestone with its market capitalization surpassing $31.8 billion. The company currently ranks 606 among the largest companies globally by market capitalization, showing a significant growth of 135.7% over the last month alone.

MicroStrategy’s share price has seen a remarkable increase of around 200% since the beginning of 2024, with the current trading price nearing $1,880. This surge in share price has led some experts to suggest that MSTR may be overvalued.

The recent uptick in market capitalization of 1.13% can be attributed to Bitcoin’s recovery to $70,000, with BTC currently trading around $71,600 according to CoinMarketCap data.

In a strategic move, MicroStrategy purchased 9,245 BTC worth $623 million between March 11 and March 18, adding to its existing holdings. The company now holds 214,246 BTC acquired at an average price of $35,160.

MicroStrategy is now positioning itself as a development company for Bitcoin and related products, shifting its focus from analytical software development. Founder Michael Saylor has emphasized that the company has no plans to sell its Bitcoin reserves in the near or long term.

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